ý | Quarterly Report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 |
o | Transition report pursuant to Section 13 or 15 (d) of the Exchange Act |
PENNSYLVANIA | 23-2226454 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
300 Market Street, P.O. Box 967 Williamsport, Pennsylvania | 17703-0967 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer o | Accelerated filer x | |
Non-accelerated filer o | Small reporting company o |
Page | ||
Number | ||
September 30, | December 31, | |||||||
(In Thousands, Except Share Data) | 2016 | 2015 | ||||||
ASSETS: | ||||||||
Noninterest-bearing balances | $ | 23,487 | $ | 22,044 | ||||
Interest-bearing balances in other financial institutions | 36,694 | 752 | ||||||
Total cash and cash equivalents | 60,181 | 22,796 | ||||||
Investment securities, available for sale, at fair value | 141,057 | 176,157 | ||||||
Investment securities, trading | — | 73 | ||||||
Loans held for sale | 2,160 | 757 | ||||||
Loans | 1,069,480 | 1,045,207 | ||||||
Allowance for loan losses | (12,718 | ) | (12,044 | ) | ||||
Loans, net | 1,056,762 | 1,033,163 | ||||||
Premises and equipment, net | 22,985 | 21,830 | ||||||
Accrued interest receivable | 3,800 | 3,686 | ||||||
Bank-owned life insurance | 27,176 | 26,667 | ||||||
Investment in limited partnerships | 658 | 899 | ||||||
Goodwill | 17,104 | 17,104 | ||||||
Intangibles | 1,889 | 1,240 | ||||||
Deferred tax asset | 7,404 | 8,990 | ||||||
Other assets | 6,236 | 6,695 | ||||||
TOTAL ASSETS | $ | 1,347,412 | $ | 1,320,057 | ||||
LIABILITIES: | ||||||||
Interest-bearing deposits | $ | 792,698 | $ | 751,797 | ||||
Noninterest-bearing deposits | 295,599 | 280,083 | ||||||
Total deposits | 1,088,297 | 1,031,880 | ||||||
Short-term borrowings | 11,579 | 46,638 | ||||||
Long-term borrowings | 91,025 | 91,025 | ||||||
Accrued interest payable | 481 | 426 | ||||||
Other liabilities | 16,095 | 13,809 | ||||||
TOTAL LIABILITIES | 1,207,477 | 1,183,778 | ||||||
SHAREHOLDERS’ EQUITY: | ||||||||
Preferred stock, no par value, 3,000,000 shares authorized; no shares issued | — | — | ||||||
Common stock, par value $8.33, 15,000,000 shares authorized; 5,006,601 and 5,004,984 shares issued | 41,721 | 41,708 | ||||||
Additional paid-in capital | 50,050 | 49,992 | ||||||
Retained earnings | 60,889 | 58,038 | ||||||
Accumulated other comprehensive loss: | ||||||||
Net unrealized gain on available for sale securities | 1,489 | 258 | ||||||
Defined benefit plan | (3,980 | ) | (4,057 | ) | ||||
Treasury stock at cost, 272,452 and 257,852 shares | (10,234 | ) | (9,660 | ) | ||||
TOTAL SHAREHOLDERS’ EQUITY | 139,935 | 136,279 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,347,412 | $ | 1,320,057 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In Thousands, Except Per Share Data) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
INTEREST AND DIVIDEND INCOME: | ||||||||||||||||
Loans, including fees | $ | 10,541 | $ | 9,862 | $ | 31,362 | $ | 28,937 | ||||||||
Investment securities: | ||||||||||||||||
Taxable | 601 | 829 | 1,825 | 2,728 | ||||||||||||
Tax-exempt | 329 | 676 | 1,203 | 2,187 | ||||||||||||
Dividend and other interest income | 189 | 156 | 666 | 597 | ||||||||||||
TOTAL INTEREST AND DIVIDEND INCOME | 11,660 | 11,523 | 35,056 | 34,449 | ||||||||||||
INTEREST EXPENSE: | ||||||||||||||||
Deposits | 909 | 800 | 2,624 | 2,328 | ||||||||||||
Short-term borrowings | 7 | 31 | 41 | 78 | ||||||||||||
Long-term borrowings | 497 | 458 | 1,481 | 1,476 | ||||||||||||
TOTAL INTEREST EXPENSE | 1,413 | 1,289 | 4,146 | 3,882 | ||||||||||||
NET INTEREST INCOME | 10,247 | 10,234 | 30,910 | 30,567 | ||||||||||||
PROVISION FOR LOAN LOSSES | 258 | 520 | 866 | 1,820 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 9,989 | 9,714 | 30,044 | 28,747 | ||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||
Service charges | 585 | 621 | 1,678 | 1,772 | ||||||||||||
Net securities gains, available for sale | 253 | 526 | 1,174 | 1,713 | ||||||||||||
Net securities gains (losses), trading | 8 | (33 | ) | 54 | (37 | ) | ||||||||||
Bank-owned life insurance | 172 | 182 | 516 | 541 | ||||||||||||
Gain on sale of loans | 658 | 524 | 1,691 | 1,305 | ||||||||||||
Insurance commissions | 198 | 185 | 604 | 623 | ||||||||||||
Brokerage commissions | 290 | 297 | 817 | 836 | ||||||||||||
Other | 918 | 835 | 2,723 | 2,701 | ||||||||||||
TOTAL NON-INTEREST INCOME | 3,082 | 3,137 | 9,257 | 9,454 | ||||||||||||
NON-INTEREST EXPENSE: | ||||||||||||||||
Salaries and employee benefits | 4,507 | 4,302 | 13,433 | 13,073 | ||||||||||||
Occupancy | 544 | 529 | 1,630 | 1,721 | ||||||||||||
Furniture and equipment | 662 | 686 | 2,042 | 1,924 | ||||||||||||
Pennsylvania shares tax | 220 | 244 | 698 | 711 | ||||||||||||
Amortization of investment in limited partnerships | 46 | 165 | 266 | 496 | ||||||||||||
Federal Deposit Insurance Corporation deposit insurance | 202 | 209 | 670 | 654 | ||||||||||||
Marketing | 173 | 160 | 568 | 434 | ||||||||||||
Intangible amortization | 90 | 73 | 276 | 235 | ||||||||||||
Other | 2,295 | 2,162 | 6,882 | 6,171 | ||||||||||||
TOTAL NON-INTEREST EXPENSE | 8,739 | 8,530 | 26,465 | 25,419 | ||||||||||||
INCOME BEFORE INCOME TAX PROVISION | 4,332 | 4,321 | 12,836 | 12,782 | ||||||||||||
INCOME TAX PROVISION | 1,273 | 957 | 3,307 | 2,630 | ||||||||||||
NET INCOME | $ | 3,059 | $ | 3,364 | $ | 9,529 | $ | 10,152 | ||||||||
EARNINGS PER SHARE - BASIC AND DILUTED | $ | 0.65 | $ | 0.71 | $ | 2.01 | $ | 2.12 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED | 4,733,800 | 4,761,576 | 4,735,844 | 4,780,776 | ||||||||||||
DIVIDENDS DECLARED PER SHARE | $ | 0.47 | $ | 0.47 | $ | 1.41 | $ | 1.41 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In Thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Net Income | $ | 3,059 | $ | 3,364 | $ | 9,529 | $ | 10,152 | ||||||||
Other comprehensive income (loss): | ||||||||||||||||
Change in unrealized gain (loss) on available for sale securities | (276 | ) | 592 | 3,039 | (579 | ) | ||||||||||
Tax effect | 94 | (201 | ) | (1,032 | ) | 198 | ||||||||||
Net realized gain on available for sale securities included in net income | (253 | ) | (526 | ) | (1,174 | ) | (1,713 | ) | ||||||||
Tax effect | 86 | 179 | 398 | 582 | ||||||||||||
Amortization of unrecognized pension and post-retirement items | 39 | 39 | 117 | 119 | ||||||||||||
Tax effect | (13 | ) | (13 | ) | (40 | ) | (40 | ) | ||||||||
Total other comprehensive income (loss) | (323 | ) | 70 | 1,308 | (1,433 | ) | ||||||||||
Comprehensive income | $ | 2,736 | $ | 3,434 | $ | 10,837 | $ | 8,719 |
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS | TREASURY STOCK | TOTAL SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
(In Thousands, Except Per Share Data) | SHARES | AMOUNT | |||||||||||||||||||||||||
Balance, December 31, 2014 | 5,002,649 | $ | 41,688 | $ | 49,896 | $ | 53,107 | $ | (1,667 | ) | $ | (7,057 | ) | $ | 135,967 | ||||||||||||
Net income | 10,152 | 10,152 | |||||||||||||||||||||||||
Other comprehensive loss | (1,433 | ) | (1,433 | ) | |||||||||||||||||||||||
Dividends declared, ($1.41 per share) | (6,736 | ) | (6,736 | ) | |||||||||||||||||||||||
Common shares issued for employee stock purchase plan | 1,723 | 14 | 63 | 77 | |||||||||||||||||||||||
Purchase of treasury stock (56,310 shares) | (2,450 | ) | (2,450 | ) | |||||||||||||||||||||||
Balance, September 30, 2015 | 5,004,372 | $ | 41,702 | $ | 49,959 | $ | 56,523 | $ | (3,100 | ) | $ | (9,507 | ) | $ | 135,577 |
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME) | TREASURY STOCK | TOTAL SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
(In Thousands, Except Per Share Data) | SHARES | AMOUNT | |||||||||||||||||||||||||
Balance, December 31, 2015 | 5,004,984 | $ | 41,708 | $ | 49,992 | $ | 58,038 | $ | (3,799 | ) | $ | (9,660 | ) | $ | 136,279 | ||||||||||||
Net income | 9,529 | 9,529 | |||||||||||||||||||||||||
Other comprehensive income | 1,308 | 1,308 | |||||||||||||||||||||||||
Dividends declared, ($1.41 per share) | (6,678 | ) | (6,678 | ) | |||||||||||||||||||||||
Common shares issued for employee stock purchase plan | 1,617 | 13 | 58 | 71 | |||||||||||||||||||||||
Purchase of treasury stock (14,600 shares) | (574 | ) | (574 | ) | |||||||||||||||||||||||
Balance, September 30, 2016 | 5,006,601 | $ | 41,721 | $ | 50,050 | $ | 60,889 | $ | (2,491 | ) | $ | (10,234 | ) | $ | 139,935 |
Nine Months Ended September 30, | ||||||||
(In Thousands) | 2016 | 2015 | ||||||
OPERATING ACTIVITIES: | ||||||||
Net Income | $ | 9,529 | $ | 10,152 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 2,394 | 2,478 | ||||||
Amortization of intangible assets | 276 | 235 | ||||||
Provision for loan losses | 866 | 1,820 | ||||||
Accretion and amortization of investment security discounts and premiums | 657 | 644 | ||||||
Net securities gains, available for sale | (1,174 | ) | (1,713 | ) | ||||
Originations of loans held for sale | (50,824 | ) | (41,762 | ) | ||||
Proceeds of loans held for sale | 51,112 | 42,588 | ||||||
Gain on sale of loans | (1,691 | ) | (1,305 | ) | ||||
Net securities (gains) losses, trading | (54 | ) | 37 | |||||
Proceeds from the sale of trading securities | 3,723 | 490 | ||||||
Purchases of trading securities | (3,596 | ) | (590 | ) | ||||
Earnings on bank-owned life insurance | (516 | ) | (541 | ) | ||||
Decrease in deferred tax asset | 952 | 262 | ||||||
Other, net | 508 | (1,486 | ) | |||||
Net cash provided by operating activities | 12,162 | 11,309 | ||||||
INVESTING ACTIVITIES: | ||||||||
Proceeds from sales of available for sale securities | 42,180 | 43,051 | ||||||
Proceeds from calls and maturities of available for sale securities | 19,267 | 14,832 | ||||||
Purchases of available for sale securities | (24,040 | ) | (26,916 | ) | ||||
Net increase in loans | (24,548 | ) | (87,324 | ) | ||||
Acquisition of premises and equipment | (2,347 | ) | (1,491 | ) | ||||
Proceeds from the sale of foreclosed assets | 486 | 1,613 | ||||||
Purchase of bank-owned life insurance | (27 | ) | (30 | ) | ||||
Proceeds from redemption of regulatory stock | 2,644 | 8,801 | ||||||
Purchases of regulatory stock | (2,569 | ) | (10,518 | ) | ||||
Net cash provided by (used for) investing activities | 11,046 | (57,982 | ) | |||||
FINANCING ACTIVITIES: | ||||||||
Net increase in interest-bearing deposits | 40,901 | 18,912 | ||||||
Net increase in noninterest-bearing deposits | 15,516 | 4,470 | ||||||
Proceeds from long-term borrowings | — | 30,625 | ||||||
Repayment of long-term borrowings | — | (10,750 | ) | |||||
Net (decrease) increase in short-term borrowings | (35,059 | ) | 10,872 | |||||
Dividends paid | (6,678 | ) | (6,736 | ) | ||||
Issuance of common stock | 71 | 77 | ||||||
Purchases of treasury stock | (574 | ) | (2,450 | ) | ||||
Net cash provided by provided by financing activities | 14,177 | 45,020 | ||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 37,385 | (1,653 | ) | |||||
CASH AND CASH EQUIVALENTS, BEGINNING | 22,796 | 19,908 | ||||||
CASH AND CASH EQUIVALENTS, ENDING | $ | 60,181 | $ | 18,255 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||
Interest paid | $ | 4,091 | $ | 3,803 | ||||
Income taxes paid | 3,050 | 2,000 | ||||||
Transfer of loans to foreclosed real estate | 83 | 340 |
Three Months Ended September 30, 2016 | Three Months Ended September 30, 2015 | |||||||||||||||||||||||
(In Thousands) | Net Unrealized Gain on Available for Sale Securities | Defined Benefit Plan | Total | Net Unrealized Gain on Available for Sale Securities | Defined Benefit Plan | Total | ||||||||||||||||||
Beginning balance | $ | 1,838 | $ | (4,006 | ) | $ | (2,168 | ) | $ | 1,374 | $ | (4,544 | ) | $ | (3,170 | ) | ||||||||
Other comprehensive (loss) income before reclassifications | (182 | ) | — | $ | (182 | ) | 391 | — | 391 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (167 | ) | 26 | $ | (141 | ) | (347 | ) | 26 | (321 | ) | |||||||||||||
Net current-period other comprehensive (loss) income | (349 | ) | 26 | $ | (323 | ) | 44 | 26 | 70 | |||||||||||||||
Ending balance | $ | 1,489 | $ | (3,980 | ) | $ | (2,491 | ) | $ | 1,418 | $ | (4,518 | ) | $ | (3,100 | ) |
Nine Months Ended September 30, 2016 | Nine Months Ended September 30, 2015 | |||||||||||||||||||||||
(In Thousands) | Net Unrealized Gain on Available for Sale Securities | Defined Benefit Plan | Total | Net Unrealized Gain (Los) on Available for Sale Securities | Defined Benefit Plan | Total | ||||||||||||||||||
Beginning balance | $ | 258 | $ | (4,057 | ) | $ | (3,799 | ) | $ | 2,930 | $ | (4,597 | ) | $ | (1,667 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 2,007 | — | 2,007 | (381 | ) | — | (381 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (776 | ) | 77 | (699 | ) | (1,131 | ) | 79 | (1,052 | ) | ||||||||||||||
Net current-period other comprehensive income (loss) | 1,231 | 77 | 1,308 | (1,512 | ) | 79 | (1,433 | ) | ||||||||||||||||
Ending balance | $ | 1,489 | $ | (3,980 | ) | $ | (2,491 | ) | $ | 1,418 | $ | (4,518 | ) | $ | (3,100 | ) |
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Income | ||||||||
Three Months Ended September 30, 2016 | Three Months Ended September 30, 2015 | |||||||||
Net unrealized gain on available for sale securities | $ | 253 | $ | 526 | Net securities gains, available for sale | |||||
Income tax effect | (86 | ) | (179 | ) | Income tax provision | |||||
Total reclassifications for the period | $ | 167 | $ | 347 | Net of tax | |||||
Net unrecognized pension costs | $ | (39 | ) | $ | (39 | ) | Salaries and employee benefits | |||
Income tax effect | 13 | 13 | Income tax provision | |||||||
Total reclassifications for the period | $ | (26 | ) | $ | (26 | ) | Net of tax |
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Income | ||||||||
Six Months Ended June 30, 2016 | Nine Months Ended September 30, 2015 | |||||||||
Net unrealized gain on available for sale securities | $ | 1,174 | $ | 1,713 | Net securities gains, available for sale | |||||
Income tax effect | (398 | ) | (582 | ) | Income tax provision | |||||
Total reclassifications for the period | $ | 776 | $ | 1,131 | Net of tax | |||||
Net unrecognized pension costs | $ | (117 | ) | $ | (119 | ) | Salaries and employee benefits | |||
Income tax effect | 40 | 40 | Income tax provision | |||||||
Total reclassifications for the period | $ | (77 | ) | $ | (79 | ) | Net of tax |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Weighted average common shares issued | 5,006,252 | 5,003,979 | 5,005,707 | 5,003,396 | ||||||||
Weighted average treasury stock shares | (272,452 | ) | (242,403 | ) | (269,863 | ) | (222,620 | ) | ||||
Weighted average common shares and common stock equivalents used to calculate basic and diluted earnings per share | 4,733,800 | 4,761,576 | 4,735,844 | 4,780,776 |
September 30, 2016 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(In Thousands) | Cost | Gains | Losses | Value | ||||||||||||
Available for sale (AFS) | ||||||||||||||||
U.S. Government and agency securities | $ | — | $ | — | $ | — | $ | — | ||||||||
Mortgage-backed securities | 10,079 | 242 | (62 | ) | 10,259 | |||||||||||
Asset-backed securities | 1,543 | — | (5 | ) | 1,538 | |||||||||||
State and political securities | 60,838 | 1,807 | (3 | ) | 62,642 | |||||||||||
Other debt securities | 54,752 | 689 | (1,228 | ) | 54,213 | |||||||||||
Total debt securities | 127,212 | 2,738 | (1,298 | ) | 128,652 | |||||||||||
Financial institution equity securities | 9,822 | 951 | — | 10,773 | ||||||||||||
Other equity securities | 1,767 | 13 | (148 | ) | 1,632 | |||||||||||
Total equity securities | 11,589 | 964 | (148 | ) | 12,405 | |||||||||||
Total investment securities AFS | $ | 138,801 | $ | 3,702 | $ | (1,446 | ) | $ | 141,057 |
December 31, 2015 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(In Thousands) | Cost | Gains | Losses | Value | ||||||||||||
Available for sale (AFS) | ||||||||||||||||
U.S. Government and agency securities | $ | 3,586 | $ | — | $ | (37 | ) | $ | 3,549 | |||||||
Mortgage-backed securities | 9,785 | 284 | (60 | ) | 10,009 | |||||||||||
Asset-backed securities | 1,960 | — | (20 | ) | 1,940 | |||||||||||
State and political securities | 84,992 | 1,797 | (234 | ) | 86,555 | |||||||||||
Other debt securities | 59,832 | 185 | (2,245 | ) | 57,772 | |||||||||||
Total debt securities | 160,155 | 2,266 | (2,596 | ) | 159,825 | |||||||||||
Financial institution equity securities | 10,397 | 1,100 | (14 | ) | 11,483 | |||||||||||
Other equity securities | 5,214 | 70 | (435 | ) | 4,849 | |||||||||||
Total equity securities | 15,611 | 1,170 | (449 | ) | 16,332 | |||||||||||
Total investment securities AFS | $ | 175,766 | $ | 3,436 | $ | (3,045 | ) | $ | 176,157 |
September 30, 2016 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(In Thousands) | Cost | Gains | Losses | Value | ||||||||||||
Trading | ||||||||||||||||
Financial institution equity securities | $ | — | $ | — | $ | — | $ | — | ||||||||
Total trading securities | $ | — | $ | — | $ | — | $ | — |
December 31, 2015 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(In Thousands) | Cost | Gains | Losses | Value | ||||||||||||
Trading | ||||||||||||||||
Financial institution equity securities | $ | 78 | $ | — | $ | (5 | ) | $ | 73 | |||||||
Total trading securities | $ | 78 | $ | — | $ | (5 | ) | $ | 73 |
September 30, 2016 | ||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
(In Thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
Available for sale (AFS) | ||||||||||||||||||||||||
U.S. Government and agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Mortgage-backed securities | — | — | 3,653 | (62 | ) | 3,653 | (62 | ) | ||||||||||||||||
Asset-backed securities | — | — | 1,538 | (5 | ) | 1,538 | (5 | ) | ||||||||||||||||
State and political securities | 1,001 | (3 | ) | — | — | 1,001 | (3 | ) | ||||||||||||||||
Other debt securities | 11,753 | (271 | ) | 12,187 | (957 | ) | 23,940 | (1,228 | ) | |||||||||||||||
Total debt securities | 12,754 | (274 | ) | 17,378 | (1,024 | ) | 30,132 | (1,298 | ) | |||||||||||||||
Financial institution equity securities | — | — | — | — | — | — | ||||||||||||||||||
Other equity securities | 780 | (20 | ) | 238 | (128 | ) | 1,018 | (148 | ) | |||||||||||||||
Total equity securities | 780 | (20 | ) | 238 | (128 | ) | 1,018 | (148 | ) | |||||||||||||||
Total investment securities AFS | $ | 13,534 | $ | (294 | ) | $ | 17,616 | $ | (1,152 | ) | $ | 31,150 | $ | (1,446 | ) |
December 31, 2015 | ||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
(In Thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
Available for sale (AFS) | ||||||||||||||||||||||||
U.S. Government and agency securities | $ | — | $ | — | $ | 3,549 | $ | (37 | ) | $ | 3,549 | $ | (37 | ) | ||||||||||
Mortgage-backed securities | 6,081 | (60 | ) | — | — | 6,081 | (60 | ) | ||||||||||||||||
Asset-backed securities | 1,626 | (16 | ) | 314 | (4 | ) | 1,940 | (20 | ) | |||||||||||||||
State and political securities | 7,345 | (47 | ) | 1,656 | (187 | ) | 9,001 | (234 | ) | |||||||||||||||
Other debt securities | 24,381 | (530 | ) | 22,547 | (1,715 | ) | 46,928 | (2,245 | ) | |||||||||||||||
Total debt securities | 39,433 | (653 | ) | 28,066 | (1,943 | ) | 67,499 | (2,596 | ) | |||||||||||||||
Financial institution equity securities | — | — | 53 | (14 | ) | 53 | (14 | ) | ||||||||||||||||
Other equity securities | 2,363 | (277 | ) | 1,001 | (158 | ) | 3,364 | (435 | ) | |||||||||||||||
Total equity securities | 2,363 | (277 | ) | 1,054 | (172 | ) | 3,417 | (449 | ) | |||||||||||||||
Total investment securities AFS | $ | 41,796 | $ | (930 | ) | $ | 29,120 | $ | (2,115 | ) | $ | 70,916 | $ | (3,045 | ) |
(In Thousands) | Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 1,354 | $ | 1,354 | ||||
Due after one year to five years | 36,382 | 36,887 | ||||||
Due after five years to ten years | 67,710 | 67,992 | ||||||
Due after ten years | 21,766 | 22,419 | ||||||
Total | $ | 127,212 | $ | 128,652 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In Thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Gross realized gains: | ||||||||||||||||
U.S. Government and agency securities | $ | 11 | $ | — | $ | 11 | $ | — | ||||||||
Mortgage-backed securities | 29 | — | 35 | — | ||||||||||||
State and political securities | 146 | 511 | 784 | 1,257 | ||||||||||||
Other debt securities | — | 14 | 258 | 273 | ||||||||||||
Financial institution equity securities | 68 | 1 | 150 | 163 | ||||||||||||
Other equity securities | 73 | — | 217 | 132 | ||||||||||||
Total gross realized gains | $ | 327 | $ | 526 | $ | 1,455 | $ | 1,825 | ||||||||
Gross realized losses: | ||||||||||||||||
U.S. Government and agency securities | $ | 2 | $ | — | $ | 5 | $ | — | ||||||||
Mortgage-backed securities | — | — | — | — | ||||||||||||
Asset-backed securities | — | — | — | — | ||||||||||||
State and political securities | 1 | — | 1 | 22 | ||||||||||||
Other debt securities | 26 | — | 189 | 47 | ||||||||||||
Financial institution equity securities | — | — | — | — | ||||||||||||
Other equity securities | 45 | — | 86 | 43 | ||||||||||||
Total gross realized losses | $ | 74 | $ | — | $ | 281 | $ | 112 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In Thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Gross realized gains: | ||||||||||||||||
Financial institution equity securities | — | — | $ | 6 | $ | 2 | ||||||||||
Other equity securities | 8 | 2 | 76 | 3 | ||||||||||||
Total gross realized gains | $ | 8 | $ | 2 | $ | 82 | $ | 5 | ||||||||
Gross realized losses: | ||||||||||||||||
Financial institution equity securities | — | 12 | $ | 12 | $ | 15 | ||||||||||
Other equity securities | — | 23 | 16 | 27 | ||||||||||||
Total gross realized losses | $ | — | $ | 35 | $ | 28 | $ | 42 |
September 30, 2016 | ||||||||||||||||||||
Past Due | Past Due 90 | |||||||||||||||||||
30 To 89 | Days Or More | Non- | ||||||||||||||||||
(In Thousands) | Current | Days | & Still Accruing | Accrual | Total | |||||||||||||||
Commercial, financial, and agricultural | $ | 155,157 | $ | 233 | $ | — | $ | 137 | $ | 155,527 | ||||||||||
Real estate mortgage: | ||||||||||||||||||||
Residential | 551,143 | 2,752 | 114 | 2,603 | 556,612 | |||||||||||||||
Commercial | 289,926 | 987 | — | 8,676 | 299,589 | |||||||||||||||
Construction | 26,927 | 2 | — | — | 26,929 | |||||||||||||||
Installment loans to individuals | 31,648 | 552 | — | — | 32,200 | |||||||||||||||
1,054,801 | $ | 4,526 | $ | 114 | $ | 11,416 | 1,070,857 | |||||||||||||
Net deferred loan fees and discounts | (1,377 | ) | (1,377 | ) | ||||||||||||||||
Allowance for loan losses | (12,718 | ) | (12,718 | ) | ||||||||||||||||
Loans, net | $ | 1,040,706 | $ | 1,056,762 |
December 31, 2015 | ||||||||||||||||||||
Past Due | Past Due 90 | |||||||||||||||||||
30 To 89 | Days Or More | Non- | ||||||||||||||||||
(In Thousands) | Current | Days | & Still Accruing | Accrual | Total | |||||||||||||||
Commercial, financial, and agricultural | $ | 162,312 | $ | 164 | $ | — | $ | 1,596 | $ | 164,072 | ||||||||||
Real estate mortgage: | ||||||||||||||||||||
Residential | 517,753 | 6,827 | 714 | 889 | 526,183 | |||||||||||||||
Commercial | 295,784 | 720 | 265 | 5,770 | 302,539 | |||||||||||||||
Construction | 26,545 | 67 | — | 212 | 26,824 | |||||||||||||||
Installment loans to individuals | 26,572 | 429 | — | — | 27,001 | |||||||||||||||
1,028,966 | $ | 8,207 | $ | 979 | $ | 8,467 | 1,046,619 | |||||||||||||
Net deferred loan fees and discounts | (1,412 | ) | (1,412 | ) | ||||||||||||||||
Allowance for loan losses | (12,044 | ) | (12,044 | ) | ||||||||||||||||
Loans, net | $ | 1,015,510 | $ | 1,033,163 |
(In Thousands) | September 30, 2016 | December 31, 2015 | ||||||
Outstanding balance | $ | 429 | $ | 441 | ||||
Carrying amount | 329 | 341 |
Three Months Ended September 30, | ||||||||||||||||
2016 | 2015 | |||||||||||||||
(In Thousands) | Interest Income That Would Have Been Recorded Based on Original Term and Rate | Interest Income Recorded on a Cash Basis | Interest Income That Would Have Been Recorded Based on Original Term and Rate | Interest Income Recorded on a Cash Basis | ||||||||||||
Commercial, financial, and agricultural | $ | 1 | $ | — | $ | 3 | $ | — | ||||||||
Real estate mortgage: | ||||||||||||||||
Residential | 57 | 68 | 12 | 8 | ||||||||||||
Commercial | 109 | 90 | 77 | 12 | ||||||||||||
Construction | — | — | 15 | 17 | ||||||||||||
$ | 167 | $ | 158 | $ | 107 | $ | 37 |
Nine Months Ended September 30, | ||||||||||||||||
2016 | 2015 | |||||||||||||||
(In Thousands) | Interest Income That Would Have Been Recorded Based on Original Term and Rate | Interest Income Recorded on a Cash Basis | Interest Income That Would Have Been Recorded Based on Original Term and Rate | Interest Income Recorded on a Cash Basis | ||||||||||||
Commercial, financial, and agricultural | $ | 5 | $ | 1 | $ | 17 | $ | 8 | ||||||||
Real estate mortgage: | ||||||||||||||||
Residential | 113 | 95 | 33 | 27 | ||||||||||||
Commercial | 388 | 170 | 248 | 47 | ||||||||||||
Construction | — | 45 | 53 | |||||||||||||
$ | 506 | $ | 266 | $ | 343 | $ | 135 |
September 30, 2016 | ||||||||||||
Recorded | Unpaid Principal | Related | ||||||||||
(In Thousands) | Investment | Balance | Allowance | |||||||||
With no related allowance recorded: | ||||||||||||
Commercial, financial, and agricultural | $ | 126 | $ | 126 | $ | — | ||||||
Real estate mortgage: | ||||||||||||
Residential | 1,789 | 1,789 | — | |||||||||
Commercial | 1,920 | 1,970 | — | |||||||||
3,835 | 3,885 | — | ||||||||||
With an allowance recorded: | ||||||||||||
Commercial, financial, and agricultural | 137 | 137 | 74 | |||||||||
Real estate mortgage: | ||||||||||||
Residential | 2,666 | 2,766 | 530 | |||||||||
Commercial | 10,414 | 10,414 | 2,018 | |||||||||
13,217 | 13,317 | 2,622 | ||||||||||
Total: | ||||||||||||
Commercial, financial, and agricultural | 263 | 263 | 74 | |||||||||
Real estate mortgage: | ||||||||||||
Residential | 4,455 | 4,555 | 530 | |||||||||
Commercial | 12,334 | 12,384 | 2,018 | |||||||||
$ | 17,052 | $ | 17,202 | $ | 2,622 |
December 31, 2015 | ||||||||||||
Recorded | Unpaid Principal | Related | ||||||||||
(In Thousands) | Investment | Balance | Allowance | |||||||||
With no related allowance recorded: | ||||||||||||
Commercial, financial, and agricultural | $ | 319 | $ | 319 | $ | — | ||||||
Real estate mortgage: | ||||||||||||
Residential | 1,142 | 1,142 | — | |||||||||
Commercial | 1,735 | 1,785 | — | |||||||||
Construction | 212 | 212 | — | |||||||||
3,408 | 3,458 | — | ||||||||||
With an allowance recorded: | ||||||||||||
Commercial, financial, and agricultural | 150 | 150 | 75 | |||||||||
Real estate mortgage: | ||||||||||||
Residential | 1,573 | 1,703 | 376 | |||||||||
Commercial | 10,752 | 10,752 | 1,653 | |||||||||
Construction | — | — | — | |||||||||
12,475 | 12,605 | 2,104 | ||||||||||
Total: | ||||||||||||
Commercial, financial, and agricultural | 469 | 469 | 75 | |||||||||
Real estate mortgage: | ||||||||||||
Residential | 2,715 | 2,845 | 376 | |||||||||
Commercial | 12,487 | 12,537 | 1,653 | |||||||||
Construction | 212 | 212 | — | |||||||||
$ | 15,883 | $ | 16,063 | $ | 2,104 |
Three Months Ended September 30, | ||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||
(In Thousands) | Average Investment in Impaired Loans | Interest Income Recognized on an Accrual Basis on Impaired Loans | Interest Income Recognized on a Cash Basis on Impaired Loans | Average Investment in Impaired Loans | Interest Income Recognized on an Accrual Basis on Impaired Loans | Interest Income Recognized on a Cash Basis on Impaired Loans | ||||||||||||||||||
Commercial, financial, and agricultural | $ | 346 | $ | 4 | $ | — | $ | 699 | $ | 5 | $ | — | ||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||
Residential | 2,784 | 23 | 41 | 2,245 | 17 | 14 | ||||||||||||||||||
Commercial | 12,383 | 83 | 16 | 14,210 | 90 | 35 | ||||||||||||||||||
Construction | 67 | — | 906 | — | 17 | |||||||||||||||||||
$ | 15,580 | $ | 110 | $ | 57 | $ | 18,060 | $ | 112 | $ | 66 |
Nine Months Ended September 30, | ||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||
(In Thousands) | Average Investment in Impaired Loans | Interest Income Recognized on an Accrual Basis on Impaired Loans | Interest Income Recognized on a Cash Basis on Impaired Loans | Average Investment in Impaired Loans | Interest Income Recognized on an Accrual Basis on Impaired Loans | Interest Income Recognized on a Cash Basis on Impaired Loans | ||||||||||||||||||
Commercial, financial, and agricultural | $ | 586 | $ | 12 | $ | 1 | $ | 924 | $ | 15 | $ | 10 | ||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||
Residential | 4,539 | 67 | 68 | 1,954 | 45 | 31 | ||||||||||||||||||
Commercial | 16,988 | 247 | 96 | 14,492 | 238 | 71 | ||||||||||||||||||
Construction | 208 | — | 812 | — | 53 | |||||||||||||||||||
$ | 22,321 | $ | 326 | $ | 165 | $ | 18,182 | $ | 298 | $ | 165 |
Three Months Ended September 30, | ||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||
(In Thousands, Except Number of Contracts) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||
Commercial, financial, and agricultural | — | $ | — | $ | — | 2 | $ | 116 | $ | 116 | ||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Residential | 2 | 580 | 580 | 6 | 641 | 641 | ||||||||||||||||
Commercial | — | — | — | 4 | 496 | 496 | ||||||||||||||||
Construction | — | — | — | — | — | — | ||||||||||||||||
2 | $ | 580 | $ | 580 | 12 | $ | 1,253 | $ | 1,253 |
Nine Months Ended September 30, | ||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||
(In Thousands, Except Number of Contracts) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||
Commercial, financial, and agricultural | — | $ | — | $ | — | 4 | $ | 213 | $ | 213 | ||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Residential | 4 | 922 | 922 | 12 | 963 | 963 | ||||||||||||||||
Commercial | 1 | 838 | 838 | 6 | 1,013 | 1,013 | ||||||||||||||||
Construction | — | — | — | 1 | 398 | 398 | ||||||||||||||||
5 | $ | 1,760 | $ | 1,760 | 23 | $ | 2,587 | $ | 2,587 |
September 30, 2016 | ||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Installment Loans to Individuals | ||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Totals | ||||||||||||||||||||
Pass | $ | 152,425 | $ | 553,115 | $ | 277,903 | $ | 26,929 | $ | 32,200 | $ | 1,042,572 | ||||||||||||
Special Mention | 2,739 | 587 | 6,063 | — | — | 9,389 | ||||||||||||||||||
Substandard | 363 | 2,910 | 15,623 | — | — | 18,896 | ||||||||||||||||||
$ | 155,527 | $ | 556,612 | $ | 299,589 | $ | 26,929 | $ | 32,200 | $ | 1,070,857 |
December 31, 2015 | ||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Installment Loans to Individuals | ||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Totals | ||||||||||||||||||||
Pass | $ | 160,734 | $ | 522,853 | $ | 277,248 | $ | 26,612 | $ | 27,001 | $ | 1,014,448 | ||||||||||||
Special Mention | 1,669 | 823 | 8,625 | — | — | 11,117 | ||||||||||||||||||
Substandard | 1,669 | 2,507 | 16,666 | 212 | — | 21,054 | ||||||||||||||||||
$ | 164,072 | $ | 526,183 | $ | 302,539 | $ | 26,824 | $ | 27,001 | $ | 1,046,619 |
Three Months Ended September 30, 2016 | ||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Installment Loans to Individuals | ||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Unallocated | Totals | |||||||||||||||||||||||
Beginning Balance | $ | 1,273 | $ | 5,851 | $ | 4,001 | $ | 143 | $ | 277 | $ | 972 | $ | 12,517 | ||||||||||||||
Charge-offs | (18 | ) | (4 | ) | — | — | (67 | ) | — | (89 | ) | |||||||||||||||||
Recoveries | 4 | 8 | 3 | 1 | 16 | — | 32 | |||||||||||||||||||||
Provision | (9 | ) | (550 | ) | 642 | (29 | ) | 111 | 93 | 258 | ||||||||||||||||||
Ending Balance | $ | 1,250 | $ | 5,305 | $ | 4,646 | $ | 115 | $ | 337 | $ | 1,065 | $ | 12,718 |
Three Months Ended September 30, 2015 | ||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Installment Loans to Individuals | ||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Unallocated | Totals | |||||||||||||||||||||||
Beginning Balance | $ | 1,286 | $ | 4,334 | $ | 3,869 | $ | 548 | $ | 237 | $ | 991 | $ | 11,265 | ||||||||||||||
Charge-offs | — | (29 | ) | (294 | ) | — | (47 | ) | — | (370 | ) | |||||||||||||||||
Recoveries | 23 | 32 | — | 3 | 16 | — | 74 | |||||||||||||||||||||
Provision | (1 | ) | 150 | 305 | (187 | ) | 39 | 214 | 520 | |||||||||||||||||||
Ending Balance | $ | 1,308 | $ | 4,487 | $ | 3,880 | $ | 364 | $ | 245 | $ | 1,205 | $ | 11,489 |
Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Installment Loans to Individuals | ||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Unallocated | Totals | |||||||||||||||||||||||
Beginning Balance | $ | 1,532 | $ | 5,116 | $ | 4,217 | $ | 160 | $ | 243 | $ | 776 | $ | 12,044 | ||||||||||||||
Charge-offs | (167 | ) | (11 | ) | — | — | (171 | ) | — | (349 | ) | |||||||||||||||||
Recoveries | 56 | 14 | 8 | 6 | 73 | — | 157 | |||||||||||||||||||||
Provision | (171 | ) | 186 | 421 | (51 | ) | 192 | 289 | 866 | |||||||||||||||||||
Ending Balance | $ | 1,250 | $ | 5,305 | $ | 4,646 | $ | 115 | $ | 337 | $ | 1,065 | $ | 12,718 |
Nine Months Ended September 30, 2015 | ||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Installment Loans to Individuals | ||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Unallocated | Totals | |||||||||||||||||||||||
Beginning Balance | $ | 1,124 | $ | 3,755 | $ | 4,205 | $ | 786 | $ | 245 | $ | 464 | $ | 10,579 | ||||||||||||||
Charge-offs | (283 | ) | (30 | ) | (743 | ) | (46 | ) | (161 | ) | — | (1,263 | ) | |||||||||||||||
Recoveries | 51 | 69 | 169 | 19 | 45 | — | 353 | |||||||||||||||||||||
Provision | 416 | 693 | 249 | (395 | ) | 116 | 741 | 1,820 | ||||||||||||||||||||
Ending Balance | $ | 1,308 | $ | 4,487 | $ | 3,880 | $ | 364 | $ | 245 | $ | 1,205 | $ | 11,489 |
September 30, | ||||||
2016 | 2015 | |||||
Owners of residential rental properties | 16.64 | % | 16.44 | % | ||
Owners of commercial rental properties | 14.11 | % | 14.17 | % |
September 30, 2016 | ||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Installment Loans to Individuals | Unallocated | |||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Totals | ||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 74 | $ | 530 | $ | 2,018 | $ | — | $ | — | $ | — | $ | 2,622 | ||||||||||||||
Collectively evaluated for impairment | 1,176 | 4,775 | 2,628 | 115 | 337 | 1,065 | 10,096 | |||||||||||||||||||||
Total ending allowance balance | $ | 1,250 | $ | 5,305 | $ | 4,646 | $ | 115 | $ | 337 | $ | 1,065 | $ | 12,718 | ||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 263 | $ | 4,126 | $ | 12,334 | $ | — | $ | — | $ | 16,723 | ||||||||||||||||
Loans acquired with deteriorated credit quality | — | 329 | — | — | — | 329 | ||||||||||||||||||||||
Collectively evaluated for impairment | 155,264 | 552,157 | 287,255 | 26,929 | 32,200 | 1,053,805 | ||||||||||||||||||||||
Total ending loans balance | $ | 155,527 | $ | 556,612 | $ | 299,589 | $ | 26,929 | $ | 32,200 | $ | 1,070,857 |
December 31, 2015 | ||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Installment Loans to Individuals | Unallocated | |||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Totals | ||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 75 | $ | 376 | $ | 1,653 | $ | — | $ | — | $ | — | $ | 2,104 | ||||||||||||||
Collectively evaluated for impairment | 1,457 | 4,740 | 2,564 | 160 | 243 | 776 | 9,940 | |||||||||||||||||||||
Total ending allowance balance | $ | 1,532 | $ | 5,116 | $ | 4,217 | $ | 160 | $ | 243 | $ | 776 | $ | 12,044 | ||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 469 | $ | 2,374 | $ | 12,487 | $ | 212 | $ | — | $ | 15,542 | ||||||||||||||||
Loans acquired with deteriorated credit quality | — | 341 | — | — | — | 341 | ||||||||||||||||||||||
Collectively evaluated for impairment | 163,603 | 523,468 | 290,052 | 26,612 | 27,001 | 1,030,736 | ||||||||||||||||||||||
Total ending loans balance | $ | 164,072 | $ | 526,183 | $ | 302,539 | $ | 26,824 | $ | 27,001 | $ | 1,046,619 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In Thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Service cost | $ | 17 | $ | 16 | $ | 51 | $ | 48 | ||||||||
Interest cost | 193 | 189 | 579 | 567 | ||||||||||||
Expected return on plan assets | (251 | ) | (246 | ) | (753 | ) | (737 | ) | ||||||||
Amortization of net loss | 39 | 39 | 117 | 119 | ||||||||||||
Net periodic benefit cost | $ | (2 | ) | $ | (2 | ) | $ | (6 | ) | $ | (3 | ) |
(In Thousands) | September 30, 2016 | December 31, 2015 | ||||||
Commitments to extend credit | $ | 254,123 | $ | 241,936 | ||||
Standby letters of credit | 6,607 | 4,786 | ||||||
Credit exposure from the sale of assets with recourse | 9,398 | 6,523 | ||||||
$ | 270,128 | $ | 253,245 |
Level I: | Quoted prices are available in active markets for identical assets or liabilities as of the reported date. | |
Level II: | Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities include items for which quoted prices are available but traded less frequently, and items that are fair valued using other financial instruments, the parameters of which can be directly observed. | |
Level III: | Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. |
September 30, 2016 | ||||||||||||||||
(In Thousands) | Level I | Level II | Level III | Total | ||||||||||||
Assets measured on a recurring basis: | ||||||||||||||||
Investment securities, available for sale: | ||||||||||||||||
U.S. Government and agency securities | $ | — | $ | — | $ | — | $ | — | ||||||||
Mortgage-backed securities | — | 10,259 | — | 10,259 | ||||||||||||
Asset-backed securities | — | 1,538 | — | 1,538 | ||||||||||||
State and political securities | — | 62,642 | — | 62,642 | ||||||||||||
Other debt securities | — | 54,213 | — | 54,213 | ||||||||||||
Financial institution equity securities | 10,773 | — | — | 10,773 | ||||||||||||
Other equity securities | 1,632 | — | — | 1,632 | ||||||||||||
Investment securities, trading: | ||||||||||||||||
Financial institution equity securities | — | — | — | — | ||||||||||||
Total assets measured on a recurring basis | $ | 12,405 | $ | 128,652 | $ | — | $ | 141,057 |
December 31, 2015 | ||||||||||||||||
(In Thousands) | Level I | Level II | Level III | Total | ||||||||||||
Assets measured on a recurring basis: | ||||||||||||||||
Investment securities, available for sale: | ||||||||||||||||
U.S. Government and agency securities | $ | — | $ | 3,549 | $ | — | $ | 3,549 | ||||||||
Mortgage-backed securities | — | 10,009 | — | 10,009 | ||||||||||||
Asset-backed securities | — | 1,940 | — | 1,940 | ||||||||||||
State and political securities | — | 86,555 | — | 86,555 | ||||||||||||
Other debt securities | — | 57,772 | — | 57,772 | ||||||||||||
Financial institution equity securities | 11,483 | — | — | 11,483 | ||||||||||||
Other equity securities | 4,849 | — | — | 4,849 | ||||||||||||
Investment securities, trading: | ||||||||||||||||
Financial institution equity securities | 73 | — | — | 73 | ||||||||||||
Total assets measured on a recurring basis | $ | 16,405 | $ | 159,825 | $ | — | $ | 176,230 |
September 30, 2016 | ||||||||||||||||
(In Thousands) | Level I | Level II | Level III | Total | ||||||||||||
Assets measured on a non-recurring basis: | ||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 14,430 | $ | 14,430 | ||||||||
Other real estate owned | — | — | 1,290 | 1,290 | ||||||||||||
Total assets measured on a non-recurring basis | $ | — | $ | — | $ | 15,720 | $ | 15,720 |
December 31, 2015 | ||||||||||||||||
(In Thousands) | Level I | Level II | Level III | Total | ||||||||||||
Assets measured on a non-recurring basis: | ||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 13,779 | $ | 13,779 | ||||||||
Other real estate owned | — | — | 1,696 | 1,696 | ||||||||||||
Total assets measured on a non-recurring basis | $ | — | $ | — | $ | 15,475 | $ | 15,475 |
September 30, 2016 | ||||||||||||
Quantitative Information About Level III Fair Value Measurements | ||||||||||||
(In Thousands) | Fair Value | Valuation Technique(s) | Unobservable Inputs | Range | Weighted Average | |||||||
Impaired loans | $ | 5,126 | Discounted cash flow | Temporary reduction in payment amount | 0 to (70)% | (16)% | ||||||
9,304 | Appraisal of collateral | Appraisal adjustments (1) | 0 to (20)% | (13)% | ||||||||
Other real estate owned | $ | 1,290 | Appraisal of collateral (1) |
December 31, 2015 | ||||||||||||
Quantitative Information About Level III Fair Value Measurements | ||||||||||||
(In Thousands) | Fair Value | Valuation Technique(s) | Unobservable Inputs | Range | Weighted Average | |||||||
Impaired loans | $ | 5,696 | Discounted cash flow | Temporary reduction in payment amount | 0 to (70)% | (17)% | ||||||
8,083 | Appraisal of collateral | Appraisal adjustments (1) | 0 to (20)% | (15)% | ||||||||
Other real estate owned | $ | 1,696 | Appraisal of collateral (1) |
Carrying | Fair | Fair Value Measurements at September 30, 2016 | ||||||||||||||||||
(In Thousands) | Value | Value | Level I | Level II | Level III | |||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 60,181 | $ | 60,181 | $ | 60,181 | $ | — | $ | — | ||||||||||
Investment securities: | ||||||||||||||||||||
Available for sale | 141,057 | 141,057 | 12,405 | 128,652 | — | |||||||||||||||
Trading | — | — | — | — | — | |||||||||||||||
Loans held for sale | 2,160 | 2,160 | 2,160 | — | — | |||||||||||||||
Loans, net | 1,056,762 | 1,085,769 | — | — | 1,085,769 | |||||||||||||||
Bank-owned life insurance | 27,176 | 27,176 | 27,176 | — | — | |||||||||||||||
Accrued interest receivable | 3,800 | 3,800 | 3,800 | — | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Interest-bearing deposits | $ | 792,698 | $ | 787,163 | $ | 564,519 | $ | — | $ | 222,644 | ||||||||||
Noninterest-bearing deposits | 295,599 | 295,599 | 295,599 | — | — | |||||||||||||||
Short-term borrowings | 11,579 | 11,579 | 11,579 | — | — | |||||||||||||||
Long-term borrowings | 91,025 | 92,283 | — | — | 92,658 | |||||||||||||||
Accrued interest payable | 481 | 481 | 481 | — | — |
Carrying | Fair | Fair Value Measurements at December 31, 2015 | ||||||||||||||||||
(In Thousands) | Value | Value | Level I | Level II | Level III | |||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 22,796 | $ | 22,796 | $ | 22,796 | $ | — | $ | — | ||||||||||
Investment securities: | ||||||||||||||||||||
Available for sale | 176,157 | 176,157 | 16,332 | 159,825 | — | |||||||||||||||
Trading | 73 | 73 | 73 | — | — | |||||||||||||||
Loans held for sale | 757 | 757 | 757 | — | — | |||||||||||||||
Loans, net | 1,033,163 | 1,045,140 | — | — | 1,045,140 | |||||||||||||||
Bank-owned life insurance | 26,667 | 26,667 | 26,667 | — | — | |||||||||||||||
Accrued interest receivable | 3,686 | 3,686 | 3,686 | — | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Interest-bearing deposits | $ | 751,797 | $ | 729,685 | $ | 509,206 | $ | — | $ | 220,479 | ||||||||||
Noninterest-bearing deposits | 280,083 | 280,083 | 280,083 | — | — | |||||||||||||||
Short-term borrowings | 46,638 | 46,638 | 46,638 | — | — | |||||||||||||||
Long-term borrowings | 91,025 | 91,783 | — | — | 91,783 | |||||||||||||||
Accrued interest payable | 426 | 426 | 426 | — | — |
September 30, 2016 | December 31, 2015 | |||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||
Outstanding, beginning of year | 34,750 | $ | 42.03 | — | $ | — | ||||||||
Granted | — | — | 38,750 | 42.03 | ||||||||||
Exercised | — | — | — | — | ||||||||||
Forfeited | (3,750 | ) | 42.03 | (4,000 | ) | 42.03 | ||||||||
Outstanding, end of year | 31,000 | $ | 42.03 | 34,750 | $ | 42.03 |
(Dollars in Thousands, Except Per Share Data) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
GAAP net income | $ | 3,059 | $ | 3,364 | $ | 9,529 | $ | 10,152 | ||||||||
Less: net securities, net of tax | 172 | 325 | 810 | 1,106 | ||||||||||||
Non-GAAP operating earnings | $ | 2,887 | $ | 3,039 | $ | 8,719 | $ | 9,046 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Return on average assets (ROA) | 0.91 | % | 1.04 | % | 0.95 | % | 1.06 | % | ||||
Less: net securities, net of tax | 0.05 | % | 0.10 | % | 0.08 | % | 0.12 | % | ||||
Non-GAAP operating ROA | 0.86 | % | 0.94 | % | 0.87 | % | 0.94 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Return on average equity (ROE) | 8.69 | % | 9.89 | % | 9.14 | % | 9.90 | % | ||||
Less: net securities, net of tax | 0.49 | % | 0.95 | % | 0.78 | % | 1.08 | % | ||||
Non-GAAP operating ROE | 8.20 | % | 8.94 | % | 8.36 | % | 8.82 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Basic earnings per share (EPS) | $ | 0.65 | $ | 0.71 | $ | 2.01 | $ | 2.12 | ||||||||
Less: net securities, net of tax | 0.04 | 0.07 | 0.17 | 0.23 | ||||||||||||
Non-GAAP basic operating EPS | $ | 0.61 | $ | 0.64 | $ | 1.84 | $ | 1.89 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Dilutive EPS | $ | 0.65 | $ | 0.71 | $ | 2.01 | $ | 2.12 | ||||||||
Less: net securities, net of tax | 0.04 | 0.07 | 0.17 | 0.23 | ||||||||||||
Non-GAAP dilutive operating EPS | $ | 0.61 | $ | 0.64 | $ | 1.84 | $ | 1.89 |
Three Months Ended | ||||||||||||||||||||||
September 30, 2016 | September 30, 2015 | Change | ||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | ||||||||||||||||
Loans including fees | $ | 10,541 | 90.40 | % | $ | 9,862 | 85.59 | % | $ | 679 | 6.89 | % | ||||||||||
Investment securities: | ||||||||||||||||||||||
Taxable | 601 | 5.16 | 829 | 7.19 | (228 | ) | (27.50 | ) | ||||||||||||||
Tax-exempt | 329 | 2.82 | 676 | 5.87 | (347 | ) | (51.33 | ) | ||||||||||||||
Dividend and other interest income | 189 | 1.62 | 156 | 1.35 | 33 | 21.15 | ||||||||||||||||
Total interest and dividend income | $ | 11,660 | 100.00 | % | $ | 11,523 | 100.00 | % | $ | 137 | 1.19 | % |
Nine Months Ended | ||||||||||||||||||||||
September 30, 2016 | September 30, 2015 | Change | ||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | ||||||||||||||||
Loans including fees | $ | 31,362 | 89.46 | % | $ | 28,937 | 84.00 | % | $ | 2,425 | 8.38 | % | ||||||||||
Investment securities: | ||||||||||||||||||||||
Taxable | 1,825 | 5.21 | 2,728 | 7.92 | (903 | ) | (33.10 | ) | ||||||||||||||
Tax-exempt | 1,203 | 3.43 | 2,187 | 6.35 | (984 | ) | (44.99 | ) | ||||||||||||||
Dividend and other interest income | 666 | 1.90 | 597 | 1.73 | 69 | 11.56 | ||||||||||||||||
Total interest and dividend income | $ | 35,056 | 100.00 | % | $ | 34,449 | 100.00 | % | $ | 607 | 1.76 | % |
Three Months Ended | ||||||||||||||||||||||
September 30, 2016 | September 30, 2015 | Change | ||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | ||||||||||||||||
Deposits | $ | 909 | 64.33 | % | $ | 800 | 62.07 | % | $ | 109 | 13.63 | % | ||||||||||
Short-term borrowings | 7 | 0.50 | 31 | 2.40 | (24 | ) | (77.42 | ) | ||||||||||||||
Long-term borrowings | 497 | 35.17 | 458 | 35.53 | 39 | 8.52 | ||||||||||||||||
Total interest expense | $ | 1,413 | 100.00 | % | $ | 1,289 | 100.00 | % | $ | 124 | 9.62 | % |
Nine Months Ended | ||||||||||||||||||||||
September 30, 2016 | September 30, 2015 | Change | ||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | ||||||||||||||||
Deposits | $ | 2,624 | 63.29 | % | $ | 2,328 | 59.97 | % | $ | 296 | 12.71 | % | ||||||||||
Short-term borrowings | 41 | 0.99 | 78 | 2.01 | (37 | ) | (47.44 | ) | ||||||||||||||
Long-term borrowings | 1,481 | 35.72 | 1,476 | 38.02 | 5 | 0.34 | ||||||||||||||||
Total interest expense | $ | 4,146 | 100.00 | % | $ | 3,882 | 100.00 | % | $ | 264 | 6.80 | % |
AVERAGE BALANCES AND INTEREST RATES | ||||||||||||||||||||||
Three Months Ended September 30, 2016 | Three Months Ended September 30, 2015 | |||||||||||||||||||||
(In Thousands) | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||||||
Assets: | ||||||||||||||||||||||
Tax-exempt loans | $ | 45,715 | $ | 452 | 3.93 | % | $ | 43,562 | $ | 423 | 3.85 | % | ||||||||||
All other loans | 1,011,393 | 10,243 | 4.03 | % | 947,665 | 9,583 | 4.01 | % | ||||||||||||||
Total loans | 1,057,108 | 10,695 | 4.02 | % | 991,227 | 10,006 | 4.00 | % | ||||||||||||||
Taxable securities | 93,893 | 725 | 3.09 | % | 125,618 | 982 | 3.13 | % | ||||||||||||||
Tax-exempt securities | 49,231 | 498 | 4.05 | % | 80,535 | 1,024 | 5.09 | % | ||||||||||||||
Total securities | 143,124 | 1,223 | 3.42 | % | 206,153 | 2,006 | 3.89 | % | ||||||||||||||
Interest-bearing deposits | 48,125 | 65 | 0.54 | % | 3,216 | 3 | 0.37 | % | ||||||||||||||
Total interest-earning assets | 1,248,357 | 11,983 | 3.82 | % | 1,200,596 | 12,015 | 3.98 | % | ||||||||||||||
Other assets | 101,312 | 97,363 | ||||||||||||||||||||
Total assets | $ | 1,349,669 | $ | 1,297,959 | ||||||||||||||||||
Liabilities and shareholders’ equity: | ||||||||||||||||||||||
Savings | $ | 151,464 | 15 | 0.04 | % | $ | 143,353 | 14 | 0.04 | % | ||||||||||||
Super Now deposits | 184,440 | 107 | 0.23 | % | 193,659 | 126 | 0.26 | % | ||||||||||||||
Money market deposits | 245,643 | 170 | 0.28 | % | 210,029 | 145 | 0.27 | % | ||||||||||||||
Time deposits | 223,082 | 617 | 1.10 | % | 219,306 | 515 | 0.93 | % | ||||||||||||||
Total interest-bearing deposits | 804,629 | 909 | 0.45 | % | 766,347 | 800 | 0.41 | % | ||||||||||||||
Short-term borrowings | 15,748 | 7 | 0.18 | % | 40,801 | 31 | 0.30 | % | ||||||||||||||
Long-term borrowings | 91,025 | 497 | 2.14 | % | 81,880 | 458 | 2.19 | % | ||||||||||||||
Total borrowings | 106,773 | 504 | 1.85 | % | 122,681 | 489 | 1.56 | % | ||||||||||||||
Total interest-bearing liabilities | 911,402 | 1,413 | 0.61 | % | 889,028 | 1,289 | 0.57 | % | ||||||||||||||
Demand deposits | 281,586 | 256,264 | ||||||||||||||||||||
Other liabilities | 15,916 | 16,619 | ||||||||||||||||||||
Shareholders’ equity | 140,765 | 136,048 | ||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,349,669 | $ | 1,297,959 | ||||||||||||||||||
Interest rate spread | 3.21 | % | 3.40 | % | ||||||||||||||||||
Net interest income/margin | $ | 10,570 | 3.37 | % | $ | 10,726 | 3.55 | % |
AVERAGE BALANCES AND INTEREST RATES | ||||||||||||||||||||||
Nine Months Ended September 30, 2016 | Nine Months Ended September 30, 2015 | |||||||||||||||||||||
(In Thousands) | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||||||
Assets: | ||||||||||||||||||||||
Tax-exempt loans | $ | 49,204 | $ | 1,432 | 3.89 | % | $ | 39,901 | $ | 1,194 | 4.00 | % | ||||||||||
All other loans | 999,685 | 30,417 | 4.06 | % | 920,675 | 28,149 | 4.09 | % | ||||||||||||||
Total loans | 1,048,889 | 31,849 | 4.06 | % | 960,576 | 29,343 | 4.08 | % | ||||||||||||||
Taxable securities | 95,652 | 2,344 | 3.27 | % | 133,191 | 3,316 | 3.32 | % | ||||||||||||||
Tax-exempt securities | 56,291 | 1,823 | 4.32 | % | 85,263 | 3,314 | 5.18 | % | ||||||||||||||
Total securities | 151,943 | 4,167 | 3.66 | % | 218,454 | 6,630 | 4.05 | % | ||||||||||||||
Interest-bearing deposits | 38,411 | 147 | 0.51 | % | 4,500 | 9 | 0.27 | % | ||||||||||||||
Total interest-earning assets | 1,239,243 | 36,163 | 3.90 | % | 1,183,530 | 35,982 | 4.06 | % | ||||||||||||||
Other assets | 99,295 | 97,151 | ||||||||||||||||||||
Total assets | $ | 1,338,538 | $ | 1,280,681 | ||||||||||||||||||
Liabilities and shareholders’ equity: | ||||||||||||||||||||||
Savings | $ | 151,158 | 43 | 0.04 | % | $ | 142,812 | 43 | 0.04 | % | ||||||||||||
Super Now deposits | 190,190 | 356 | 0.25 | % | 190,653 | 379 | 0.27 | % | ||||||||||||||
Money market deposits | 234,918 | 471 | 0.27 | % | 208,317 | 424 | 0.27 | % | ||||||||||||||
Time deposits | 221,676 | 1,754 | 1.06 | % | 218,987 | 1,482 | 0.90 | % | ||||||||||||||
Total interest-bearing deposits | 797,942 | 2,624 | 0.44 | % | 760,769 | 2,328 | 0.41 | % | ||||||||||||||
Short-term borrowings | 20,273 | 41 | 0.27 | % | 36,111 | 78 | 0.29 | % | ||||||||||||||
Long-term borrowings | 91,025 | 1,481 | 2.14 | % | 82,597 | 1,476 | 2.36 | % | ||||||||||||||
Total borrowings | 111,298 | 1,522 | 1.8 | % | 118,708 | 1,554 | 1.73 | % | ||||||||||||||
Total interest-bearing liabilities | 909,240 | 4,146 | 0.61 | % | 879,477 | 3,882 | 0.59 | % | ||||||||||||||
Demand deposits | 274,488 | 247,130 | ||||||||||||||||||||
Other liabilities | 15,775 | 17,327 | ||||||||||||||||||||
Shareholders’ equity | 139,035 | 136,747 | ||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,338,538 | $ | 1,280,681 | ||||||||||||||||||
Interest rate spread | 3.29 | % | 3.47 | % | ||||||||||||||||||
Net interest income/margin | $ | 32,017 | 3.45 | % | $ | 32,100 | 3.63 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In Thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Total interest income | $ | 11,660 | $ | 11,523 | $ | 35,056 | $ | 34,449 | ||||||||
Total interest expense | 1,413 | 1,289 | 4,146 | 3,882 | ||||||||||||
Net interest income | 10,247 | 10,234 | 30,910 | 30,567 | ||||||||||||
Tax equivalent adjustment | 323 | 492 | 1,107 | 1,533 | ||||||||||||
Net interest income (fully taxable equivalent) | $ | 10,570 | $ | 10,726 | $ | 32,017 | $ | 32,100 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2016 vs. 2015 | 2016 vs. 2015 | |||||||||||||||||||||||
Increase (Decrease) Due to | Increase (Decrease) Due to | |||||||||||||||||||||||
(In Thousands) | Volume | Rate | Net | Volume | Rate | Net | ||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Tax-exempt loans | $ | 20 | $ | 9 | $ | 29 | $ | 252 | $ | (14 | ) | $ | 238 | |||||||||||
All other loans | 615 | 45 | 660 | 2,342 | (74 | ) | 2,268 | |||||||||||||||||
Taxable investment securities | (244 | ) | (13 | ) | (257 | ) | (923 | ) | (49 | ) | (972 | ) | ||||||||||||
Tax-exempt investment securities | (344 | ) | (182 | ) | (526 | ) | (1,002 | ) | (489 | ) | (1,491 | ) | ||||||||||||
Interest bearing deposits | 61 | 1 | 62 | 45 | 93 | 138 | ||||||||||||||||||
Total interest-earning assets | 108 | (140 | ) | (32 | ) | 714 | (533 | ) | 181 | |||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Savings deposits | 1 | — | 1 | 2 | (2 | ) | — | |||||||||||||||||
Super Now deposits | (5 | ) | (14 | ) | (19 | ) | (1 | ) | (22 | ) | (23 | ) | ||||||||||||
Money market deposits | 24 | 1 | 25 | 50 | (3 | ) | 47 | |||||||||||||||||
Time deposits | 9 | 93 | 102 | 19 | 253 | 272 | ||||||||||||||||||
Short-term borrowings | (14 | ) | (10 | ) | (24 | ) | (32 | ) | (5 | ) | (37 | ) | ||||||||||||
Long-term borrowings | 50 | (11 | ) | 39 | 98 | (93 | ) | 5 | ||||||||||||||||
Total interest-bearing liabilities | 65 | 59 | 124 | 136 | 128 | 264 | ||||||||||||||||||
Change in net interest income | $ | 43 | $ | (199 | ) | $ | (156 | ) | $ | 578 | $ | (661 | ) | $ | (83 | ) |
Total Nonperforming Loans | |||||||||||
(In Thousands) | 90 Days Past Due | Non-accrual | Total | ||||||||
September 30, 2016 | $ | 114 | $ | 11,416 | $ | 11,530 | |||||
June 30, 2016 | 512 | 11,114 | 11,626 | ||||||||
March 31, 2016 | 308 | 11,340 | 11,648 | ||||||||
December 31, 2015 | 979 | 8,467 | 9,446 | ||||||||
September 30, 2015 | 99 | 8,509 | 8,608 |
Three Months Ended | |||||||||||||||||||||
September 30, 2016 | September 30, 2015 | Change | |||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||
Service charges | $ | 585 | 18.98 | % | $ | 621 | 19.80 | % | $ | (36 | ) | (5.80 | )% | ||||||||
Net securities gains, available for sale | 253 | 8.21 | 526 | 16.76 | (273 | ) | (51.90 | ) | |||||||||||||
Net securities gains (losses), trading | 8 | 0.26 | (33 | ) | (1.05 | ) | 41 | 124.24 | |||||||||||||
Bank-owned life insurance | 172 | 5.58 | 182 | 5.80 | (10 | ) | (5.49 | ) | |||||||||||||
Gain on sale of loans | 658 | 21.35 | 524 | 16.70 | 134 | 25.57 | |||||||||||||||
Insurance commissions | 198 | 6.42 | 185 | 5.90 | 13 | 7.03 | |||||||||||||||
Brokerage commissions | 290 | 9.41 | 297 | 9.47 | (7 | ) | (2.36 | ) | |||||||||||||
Other | 918 | 29.79 | 835 | 26.62 | 83 | 9.94 | |||||||||||||||
Total non-interest income | $ | 3,082 | 100.00 | % | $ | 3,137 | 100.00 | % | $ | (55 | ) | (1.75 | )% |
Nine Months Ended | |||||||||||||||||||||
September 30, 2016 | September 30, 2015 | Change | |||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||
Service charges | $ | 1,678 | 18.13 | % | $ | 1,772 | 18.74 | % | $ | (94 | ) | (5.30 | )% | ||||||||
Net securities gains, available for sale | 1,174 | 12.68 | 1,713 | 18.12 | (539 | ) | (31.47 | ) | |||||||||||||
Net securities gains (losses), trading | 54 | 0.58 | (37 | ) | (0.39 | ) | 91 | 245.95 | |||||||||||||
Bank-owned life insurance | 516 | 5.57 | 541 | 5.72 | (25 | ) | (4.62 | ) | |||||||||||||
Gain on sale of loans | 1,691 | 18.27 | 1,305 | 13.80 | 386 | 29.58 | |||||||||||||||
Insurance commissions | 604 | 6.52 | 623 | 6.59 | (19 | ) | (3.05 | ) | |||||||||||||
Brokerage commissions | 817 | 8.83 | 836 | 8.84 | (19 | ) | (2.27 | ) | |||||||||||||
Other | 2,723 | 29.42 | 2,701 | 28.58 | 22 | 0.81 | |||||||||||||||
Total non-interest income | $ | 9,257 | 100.00 | % | $ | 9,454 | 100.00 | % | $ | (197 | ) | (2.08 | )% |
Three Months Ended | |||||||||||||||||||||
September 30, 2016 | September 30, 2015 | Change | |||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||
Salaries and employee benefits | $ | 4,507 | 51.57 | % | $ | 4,302 | 50.43 | % | $ | 205 | 4.77 | % | |||||||||
Occupancy | 544 | 6.22 | 529 | 6.20 | 15 | 2.84 | |||||||||||||||
Furniture and equipment | 662 | 7.58 | 686 | 8.04 | (24 | ) | (3.50 | ) | |||||||||||||
Pennsylvania shares tax | 220 | 2.52 | 244 | 2.86 | (24 | ) | (9.84 | ) | |||||||||||||
Amortization of investment in limited partnerships | 46 | 0.53 | 165 | 1.93 | (119 | ) | (72 | ) | |||||||||||||
Federal Deposit Insurance Corporation deposit insurance | 202 | 2.31 | 209 | 2.45 | (7 | ) | (3.35 | ) | |||||||||||||
Marketing | 173 | 1.98 | 160 | 1.88 | 13 | 8.13 | |||||||||||||||
Intangible amortization | 90 | 1.03 | 73 | 0.86 | 17 | 23.29 | |||||||||||||||
Other | 2,295 | 26.26 | 2,162 | 25.35 | 133 | 6.15 | |||||||||||||||
Total non-interest expense | $ | 8,739 | 100.00 | % | $ | 8,530 | 100.00 | % | $ | 209 | 2.45 | % |
Nine Months Ended | |||||||||||||||||||||
September 30, 2016 | September 30, 2015 | Change | |||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||
Salaries and employee benefits | $ | 13,433 | 50.75 | % | $ | 13,073 | 51.43 | % | $ | 360 | 2.75 | % | |||||||||
Occupancy | 1,630 | 6.16 | 1,721 | 6.77 | (91 | ) | (5.29 | ) | |||||||||||||
Furniture and equipment | 2,042 | 7.72 | 1,924 | 7.57 | 118 | 6.13 | |||||||||||||||
Pennsylvania shares tax | 698 | 2.64 | 711 | 2.80 | (13 | ) | (1.83 | ) | |||||||||||||
Amortization of investment in limited partnerships | 266 | 1.01 | 496 | 1.95 | (230 | ) | (46.37 | ) | |||||||||||||
Federal Deposit Insurance Corporation deposit insurance | 670 | 2.53 | 654 | 2.57 | 16 | 2.45 | |||||||||||||||
Marketing | 568 | 2.15 | 434 | 1.71 | 134 | 30.88 | |||||||||||||||
Intangible amortization | 276 | 1.04 | 235 | 0.92 | 41 | 17.45 | |||||||||||||||
Other | 6,882 | 26.00 | 6,171 | 24.28 | 711 | 11.52 | |||||||||||||||
Total non-interest expense | $ | 26,465 | 100.00 | % | $ | 25,419 | 100.00 | % | $ | 1,046 | 4.12 | % |
September 30, 2016 | December 31, 2015 | Change | |||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||
Commercial, financial, and agricultural | $ | 155,527 | 14.54 | % | $ | 164,072 | 15.70 | % | $ | (8,545 | ) | (5.21 | )% | ||||||||
Real estate mortgage: | |||||||||||||||||||||
Residential | 556,612 | 52.05 | 526,183 | 50.34 | 30,429 | 5.78 | % | ||||||||||||||
Commercial | 299,589 | 28.01 | 302,539 | 28.95 | (2,950 | ) | (0.98 | )% | |||||||||||||
Construction | 26,929 | 2.52 | 26,824 | 2.57 | 105 | 0.39 | % | ||||||||||||||
Installment loans to individuals | 32,200 | 3.01 | 27,001 | 2.58 | 5,199 | 19.25 | % | ||||||||||||||
Net deferred loan fees and discounts | (1,377 | ) | (0.13 | ) | (1,412 | ) | (0.14 | ) | 35 | (2.48 | )% | ||||||||||
Gross loans | $ | 1,069,480 | 100.00 | % | $ | 1,045,207 | 100.00 | % | $ | 24,273 | 2.32 | % |
September 30, 2016 | December 31, 2015 | |||||||||||||||||||||||
(In Thousands) | Accrual | Non-accrual | Total | Accrual | Non-accrual | Total | ||||||||||||||||||
Commercial, financial, and agricultural | $ | 126 | $ | 137 | $ | 263 | $ | 320 | $ | 149 | $ | 469 | ||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||
Residential | 1,415 | 572 | 1,987 | 1,428 | 353 | 1,781 | ||||||||||||||||||
Commercial | 4,781 | 2,187 | 6,968 | 5,085 | 2,312 | 7,397 | ||||||||||||||||||
$ | 6,322 | $ | 2,896 | $ | 9,218 | $ | 6,833 | $ | 2,814 | $ | 9,647 |
A- to AAA | B- to BBB+ | Not Rated | Total | |||||||||||||||||||||||||||||
(In Thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||
Available for sale (AFS) | ||||||||||||||||||||||||||||||||
U.S. Government and agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Mortgage-backed securities | 10,079 | 10,259 | — | — | — | — | 10,079 | 10,259 | ||||||||||||||||||||||||
Asset-backed securities | 1,543 | 1,538 | — | — | — | — | 1,543 | 1,538 | ||||||||||||||||||||||||
State and political securities | 58,793 | 60,585 | — | — | 2,045 | 2,057 | 60,838 | 62,642 | ||||||||||||||||||||||||
Other debt securities | 39,759 | 39,673 | 14,993 | 14,540 | — | — | 54,752 | 54,213 | ||||||||||||||||||||||||
Total debt securities AFS | $ | 110,174 | $ | 112,055 | $ | 14,993 | $ | 14,540 | $ | 2,045 | $ | 2,057 | $ | 127,212 | $ | 128,652 |
September 30, 2016 | December 31, 2015 | Change | |||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||
Demand deposits | $ | 295,599 | 27.16 | % | $ | 280,083 | 27.15 | % | $ | 15,516 | 5.54 | % | |||||||||
NOW accounts | 175,767 | 16.15 | 176,078 | 17.06 | (311 | ) | (0.18 | ) | |||||||||||||
Money market deposits | 244,138 | 22.43 | 209,782 | 20.33 | 34,356 | 16.38 | |||||||||||||||
Savings deposits | 150,822 | 13.86 | 144,561 | 14.01 | 6,261 | 4.33 | |||||||||||||||
Time deposits | 221,971 | 20.40 | 221,376 | 21.45 | 595 | 0.27 | |||||||||||||||
Total deposits | $ | 1,088,297 | 100.00 | % | $ | 1,031,880 | 100.00 | % | $ | 56,417 | 5.47 | % |
September 30, 2016 | December 31, 2015 | Change | |||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||
Short-term borrowings: | |||||||||||||||||||||
FHLB repurchase agreements | $ | — | — | % | $ | 28,304 | 20.56 | % | $ | (28,304 | ) | (100.00 | )% | ||||||||
Securities sold under agreement to repurchase | 11,579 | 11.29 | 18,334 | 13.32 | (6,755 | ) | (36.84 | ) | |||||||||||||
Total short-term borrowings | 11,579 | 11.29 | 46,638 | 33.88 | (35,059 | ) | (75.17 | ) | |||||||||||||
Long-term borrowings: | |||||||||||||||||||||
Long-term FHLB borrowings | 90,625 | 88.32 | 90,625 | 65.83 | — | — | |||||||||||||||
Long-term capital lease | 400 | 0.39 | 400 | 0.29 | — | — | |||||||||||||||
Total long-term borrowings | 91,025 | 88.71 | 91,025 | 66.12 | — | — | % | ||||||||||||||
Total borrowed funds | $ | 102,604 | 100.00 | % | $ | 137,663 | 100.00 | % | $ | (35,059 | ) | (25.47 | )% |
September 30, 2016 | December 31, 2015 | |||||||||||||
(In Thousands) | Amount | Ratio | Amount | Ratio | ||||||||||
Common Equity Tier I Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 124,597 | 12.737 | % | $ | 121,665 | 11.240 | % | ||||||
For Capital Adequacy Purposes | 44,020 | 4.500 | 48,722 | 4.500 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 50,134 | 5.125 | N/A | N/A | ||||||||||
To Be Well Capitalized | 63,585 | 6.500 | 70,377 | 6.500 | ||||||||||
Tier I Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 124,597 | 12.737 | % | $ | 121,665 | 11.240 | % | ||||||
For Capital Adequacy Purposes | 58,694 | 6.000 | 64,963 | 6.000 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 64,808 | 6.625 | N/A | N/A | ||||||||||
To Be Well Capitalized | 78,258 | 8.000 | 86,617 | 8.000 | ||||||||||
Total Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 131,419 | 13.434 | % | $ | 134,067 | 12.380 | % | ||||||
For Capital Adequacy Purposes | 78,258 | 8.000 | 86,617 | 8.000 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 84,375 | 8.625 | N/A | N/A | ||||||||||
To Be Well Capitalized | 97,826 | 10.000 | 108,272 | 10.000 | ||||||||||
Tier I Capital (to Average Assets) | ||||||||||||||
Actual | $ | 124,597 | 9.369 | % | $ | 121,665 | 9.380 | % | ||||||
For Capital Adequacy Purposes | 53,195 | 4.000 | 51,862 | 4.000 | ||||||||||
To Be Well Capitalized | 66,494 | 5.000 | 64,828 | 5.000 |
September 30, 2016 | December 31, 2015 | |||||||||||||
(In Thousands) | Amount | Ratio | Amount | Ratio | ||||||||||
Common Equity Tier I Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 85,498 | 11.322 | % | $ | 82,682 | 10.700 | % | ||||||
For Capital Adequacy Purposes | 33,982 | 4.500 | 34,773 | 4.500 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 38,701 | 5.125 | N/A | N/A | ||||||||||
To Be Well Capitalized | 49,085 | 6.500 | 50,227 | 6.500 | ||||||||||
Tier I Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 85,498 | 11.322 | % | $ | 82,682 | 10.700 | % | ||||||
For Capital Adequacy Purposes | 45,309 | 6.000 | 46,363 | 6.000 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 50,029 | 6.625 | N/A | N/A | ||||||||||
To Be Well Capitalized | 60,412 | 8.000 | 61,818 | 8.000 | ||||||||||
Total Capital (to Risk-weighted Assets) | - | |||||||||||||
Actual | $ | 89,256 | 11.820 | % | $ | 92,036 | 11.910 | % | ||||||
For Capital Adequacy Purposes | 60,412 | 8.000 | 61,818 | 8.000 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 65,130 | 8.625 | N/A | N/A | ||||||||||
To Be Well Capitalized | 75,513 | 10.000 | 77,272 | 10.000 | ||||||||||
Tier I Capital (to Average Assets) | ||||||||||||||
Actual | $ | 85,498 | 8.862 | % | $ | 82,682 | 8.660 | % | ||||||
For Capital Adequacy Purposes | 38,590 | 4.000 | 38,175 | 4.000 | ||||||||||
To Be Well Capitalized | 48,237 | 5.000 | 47,719 | 5.000 |
September 30, 2016 | December 31, 2015 | |||||||||||||
(In Thousands) | Amount | Ratio | Amount | Ratio | ||||||||||
Common Equity Tier I Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 30,924 | 10.223 | % | $ | 30,549 | 10.660 | % | ||||||
For Capital Adequacy Purposes | 13,612 | 4.500 | 12,901 | 4.500 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 15,503 | 5.125 | N/A | N/A | ||||||||||
To Be Well Capitalized | 19,662 | 6.500 | 18,635 | 6.500 | ||||||||||
Tier I Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 30,924 | 10.223 | % | $ | 30,549 | 10.660 | % | ||||||
For Capital Adequacy Purposes | 18,150 | 6.000 | 17,201 | 6.000 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 20,040 | 6.625 | N/A | N/A | ||||||||||
To Be Well Capitalized | 24,200 | 8.000 | 22,935 | 8.000 | ||||||||||
Total Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 33,306 | 11.010 | % | $ | 33,274 | 11.610 | % | ||||||
For Capital Adequacy Purposes | 24,200 | 8.000 | 22,935 | 8.000 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 26,091 | 8.625 | N/A | N/A | ||||||||||
To Be Well Capitalized | 30,251 | 10.000 | 28,669 | 10.000 | ||||||||||
Tier I Capital (to Average Assets) | ||||||||||||||
Actual | $ | 30,924 | 8.575 | % | $ | 30,549 | 8.900 | % | ||||||
For Capital Adequacy Purposes | 14,425 | 4.000 | 13,725 | 4.000 | ||||||||||
To Be Well Capitalized | 18,031 | 5.000 | 17,157 | 5.000 |
Parallel Rate Shock in Basis Points | ||||||||||||||||||||||||||||
(In Thousands) | -200 | -100 | Static | +100 | +200 | +300 | +400 | |||||||||||||||||||||
Net interest income | $ | 36,554 | $ | 38,986 | $ | 41,356 | $ | 43,526 | $ | 45,691 | $ | 47,600 | $ | 49,325 | ||||||||||||||
Change from static | (4,802 | ) | (2,370 | ) | — | 2,170 | 4,335 | 6,244 | 7,969 | |||||||||||||||||||
Percent change from static | -11.61 | % | -5.73 | % | — | 5.25 | % | 10.48 | % | 15.10 | % | 19.27 | % |
Period | Total Number of Shares (or Units) Purchased | Average Price Paid per Share (or Units) Purchased | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | |||||||||
Month #1 (July 1 - July 31, 2016) | — | $ | — | — | 390,144 | ||||||||
Month #2 (August 1 - August 31, 2016) | — | — | — | 390,144 | |||||||||
Month #3 (September 1 - September 30, 2016) | — | — | — | 390,144 |
3(i) | Articles of Incorporation of the Registrant, as presently in effect (incorporated by reference to Exhibit 3(i) of the Registrant’s Quarterly Report on Form 10-Q for the period ended March 31, 2012). | |
3(ii) | Bylaws of the Registrant (incorporated by reference to Exhibit 3(ii) of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2011). | |
31(i) | Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Executive Officer. | |
31(ii) | Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Financial Officer. | |
32(i) | Section 1350 Certification of Chief Executive Officer. | |
32(ii) | Section 1350 Certification of Chief Financial Officer. | |
101 | Interactive data file containing the following financial statements formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheet at September 30, 2016 and December 31, 2015; (ii) the Consolidated Statement of Income for the three and nine months ended September 30, 2016 and 2015; (iii) Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2016 and 2015; (iv) the Consolidated Statement of Shareholders’ Equity for the nine months ended September 30, 2016 and 2015; (v) the Consolidated Statement of Cash Flows for the nine months ended September 30, 2016 and 2015; and (vi) the Notes to Consolidated Financial Statements. As provided in Rule 406T of Regulation S-T, this interactive data file shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed “filed” or part of any registration statement or prospectus for purposes of Section 11 or 12 under the Securities Act of 1933, or otherwise subject to liability under those sections. |
PENNS WOODS BANCORP, INC. | ||
(Registrant) | ||
Date: | November 9, 2016 | /s/ Richard A. Grafmyre |
Richard A. Grafmyre, President and Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date: | November 9, 2016 | /s/ Brian L. Knepp |
Brian L. Knepp, Senior Vice President and Chief Financial Officer | ||
(Principal Financial Officer and Principal Accounting | ||
Officer) |
Exhibit 31(i) | Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Executive Officer | |
Exhibit 31(ii) | Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Financial Officer | |
Exhibit 32(i) | Section 1350 Certification of Chief Executive Officer | |
Exhibit 32(ii) | Section 1350 Certification of Chief Financial Officer | |
Exhibit 101 | Interactive data file containing the following financial statements formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheet at September 30, 2016 and December 31, 2015; (ii) the Consolidated Statement of Income for the three and nine months ended September 30, 2016 and 2015; (iii) Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2016 and 2015; (iv) the Consolidated Statement of Shareholders’ Equity for the nine months ended September 30, 2016 and 2015; (v) the Consolidated Statement of Cash Flows for the nine months ended September 30, 2016 and 2015; and (vi) the Notes to Consolidated Financial Statements. As provided in Rule 406T of Regulation S-T, this interactive data file shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed “filed” or part of any registration statement or prospectus for purposes of Section 11 or 12 under the Securities Act of 1933, or otherwise subject to liability under those sections. |
Date: November 9, 2016 | /s/ Richard A. Grafmyre |
Richard A. Grafmyre | |
Chief Executive Officer | |
(Principal Executive Officer) |
Date: November 9, 2016 | /s/ Brian L. Knepp |
Brian L. Knepp | |
Senior Vice President and Chief Financial Officer | |
(Principal Financial Officer and Principal Accounting Officer) |
/s/ Richard A. Grafmyre | |
Richard A. Grafmyre | |
Chief Executive Officer | |
November 9, 2016 |
/s/ Brian L. Knepp | |
Brian L. Knepp | |
Senior Vice President and Chief Financial Officer | |
November 9, 2016 |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Nov. 01, 2016 |
|
Document and Entity Information | ||
Entity Registrant Name | PENNS WOODS BANCORP INC | |
Entity Central Index Key | 0000716605 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 4,734,310 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEET (UNAUDITED) (Parenthetical) - $ / shares |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 8.33 | $ 8.33 |
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 5,006,601 | 5,004,984 |
Treasury stock (in shares) | 272,452 | 257,852 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 3,059 | $ 3,364 | $ 9,529 | $ 10,152 |
Other comprehensive income (loss): | ||||
Change in unrealized gain (loss) on available for sale securities | (276) | 592 | 3,039 | (579) |
Tax effect | 94 | (201) | (1,032) | 198 |
Net realized gain on available for sale securities included in net income | (253) | (526) | (1,174) | (1,713) |
Tax effect | 86 | 179 | 398 | 582 |
Amortization of unrecognized pension and post-retirement items | 39 | 39 | 117 | 119 |
Tax effect | (13) | (13) | (40) | (40) |
Total other comprehensive income (loss) | (323) | 70 | 1,308 | (1,433) |
Comprehensive income | $ 2,736 | $ 3,434 | $ 10,837 | $ 8,719 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared, per share (in dollars per share) | $ 1.41 | $ 1.41 |
Purchase of treasury stock (in shares) | 14,600 | 56,310 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Penns Woods Bancorp, Inc. (the “Company”) and its wholly-owned subsidiaries: Woods Investment Company, Inc., Woods Real Estate Development Company, Inc., Luzerne Bank, and Jersey Shore State Bank (Jersey Shore State Bank and Luzerne Bank are referred to together as the “Banks”) and Jersey Shore State Bank’s wholly-owned subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group (“The M Group”). All significant inter-company balances and transactions have been eliminated in the consolidation. The interim financial statements are unaudited, but in the opinion of management reflect all adjustments necessary for the fair presentation of results for such periods. The results of operations for any interim period are not necessarily indicative of results for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The accounting policies followed in the presentation of interim financial results are the same as those followed on an annual basis. These policies are presented on pages 40 through 48 of the Form 10-K for the year ended December 31, 2015. In reference to the attached financial statements, all adjustments are of a normal recurring nature pursuant to Rule 10-01(b) (8) of Regulation S-X. |
Accumulated Other Comprehensive Loss |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component as of September 30, 2016 and 2015 were as follows:
The reclassifications out of accumulated other comprehensive loss as of September 30, 2016 and 2015 were as follows:
|
Recent Accounting Pronouncements |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard). The core principle of the update is that a company will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, this update specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the impact the adoption of the standard will have on the Company's financial position or results of operation. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This update applies to all entities that hold financial assets or owe financial liabilities and is intended to provide more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. Among other things, this update (a) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (b) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (c) eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; (d) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (e) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (f) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (g) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (h) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For all other entities including not-for-profit entities and employee benefit plans within the scope of Topics 960 through 965 on plan accounting, the amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. All entities that are not public business entities may adopt the amendments in this update earlier as of the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The standard requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. A short-term lease is defined as one in which: (a) the lease term is 12 months or less, and (b) there is not an option to purchase the underlying asset that the lessee is reasonably certain to exercise. For short-term leases, lessees may elect to recognize lease payments over the lease term on a straight-line basis. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. The amendments should be applied at the beginning of the earliest period presented using a modified retrospective approach with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In March 2016, the FASB issued ASU 2016-04, Liabilities - Extinguishments of Liabilities (Subtopic 405-20). The standard provides that liabilities related to the sale of prepaid stored-value products within the scope of this Update are financial liabilities. The amendments in the Update provide a narrow scope exception to the guidance in Subtopic 405-20 to require that breakage for those liabilities be accounted for consistent with the breakage guidance in Topic 606. The amendments in this update are effective for public business entities, certain not-for-profit entities, and certain employee benefit plans for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Earlier application is permitted, including adoption in an interim period. This update is not expected to have a significant impact on the Company’s financial statements. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815). The amendments in this update apply to all reporting entities for which there is a change in the counterparty to a derivative instrument that has been designated as a heading instrument under Topic 815. The standards in this update clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. For public business entities, the amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. For all other entities, the amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. An entity has an option to apply the amendments in this update on either a prospective basis or a modified retrospective basis. Early adoption is permitted, including adoption in an interim period. This update is not expected to have a significant impact on the Company’s financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which changes the impairment model for most financial assets. This ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the ASU is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be effected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. With certain exceptions, transition to the new requirements will be through a cumulative effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which addresses eight specific cash flow issues with the objective of reducing diversity in practice. Among these include recognizing cash payments for debt prepayment or debt extinguishment as cash outflows for financing activities; cash proceeds received from the settlement of insurance claims should be classified on the basis of the related insurance coverage; and cash proceeds received from the settlement of bank-owned life insurance policies should be classified as cash inflows from investing activities while the cash payments for premiums on bank-owned policies may be classified as cash outflows for investing activities, operating activities, or a combination of investing and operating activities. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s statement of cash flows. |
Per Share Data |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Data | Per Share Data There are no convertible securities which would affect the denominator in calculating basic and dilutive earnings per share. There are 31,000 stock options outstanding, however, since the strike price of $42.03 is greater than the average closing market price the options are not included in the denominator when calculating basic and dilutive earnings per share. Net income as presented on the consolidated statement of income will be used as the numerator. The following table sets forth the composition of the weighted average common shares (denominator) used in the basic and dilutive earnings per share computation.
|
Investment Securities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The amortized cost and fair values of investment securities available for sale at September 30, 2016 and December 31, 2015 are as follows:
The amortized cost and fair values of trading investment securities at September 30, 2016 and December 31, 2015 are as follows.
Total net realized trading gains of $8,000 and $54,000 for the three and nine month periods ended September 30, 2016 compared to the net realized trading loss of $33,000 and $37,000 for the three and nine month periods ended September 30, 2015 were included in the Consolidated Statement of Income. The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time, that the individual securities have been in a continuous unrealized loss position, at September 30, 2016 and December 31, 2015.
At September 30, 2016 there were a total of 13 securities in a continuous unrealized loss position for less than twelve months and 11 individual securities that were in a continuous unrealized loss position for twelve months or greater. The Company reviews its position quarterly and has determined that, at September 30, 2016, the declines outlined in the above table represent temporary declines and the Company does not intend to sell and does not believe it will be required to sell these securities before recovery of their cost basis, which may be at maturity. The Company has concluded that the unrealized losses disclosed above are not other than temporary but are the result of interest rate changes, sector credit ratings changes, or company-specific ratings changes that are not expected to result in the non-collection of principal and interest during the period. The amortized cost and fair value of debt securities at September 30, 2016, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Total gross proceeds from sales of securities available for sale were $42,180,000 and $43,051,000 for the nine months ended September 30, 2016 and 2015, respectively. The following table represents gross realized gains and losses within the available for sale portfolio:
The following table represents gross realized gains and losses within the trading portfolios:
There were no impairment charges included in gross realized losses for the three and nine months ended September 30, 2016 and 2015, respectively. Investment securities with a carrying value of approximately $102,872,000 and $131,089,000 at September 30, 2016 and December 31, 2015, respectively, were pledged to secure certain deposits, repurchase agreements, and for other purposes as required by law. |
Loans |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans Management segments the Banks' loan portfolio to a level that enables risk and performance monitoring according to similar risk characteristics. Loans are segmented based on the underlying collateral characteristics. Categories include commercial, financial, and agricultural, real estate, and installment loans to individuals. Real estate loans are further segmented into three categories: residential, commercial, and construction. The following table presents the related aging categories of loans, by segment, as of September 30, 2016 and December 31, 2015:
Purchased loans acquired are recorded at fair value on their purchase date without a carryover of the related allowance for loan losses. Upon the acquisition of Luzerne Bank on June 1, 2013, the Company evaluated whether each acquired loan (regardless of size) was within the scope of ASC 310-30, Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality. Purchased credit-impaired loans are loans that have evidence of credit deterioration since origination and it is probable at the date of acquisition that the Company will not collect all contractually required principal and interest payments. There were no material increases or decreases in the expected cash flows of these loans between June 1, 2013 (the “acquisition date”) and September 30, 2016. The fair value of purchased credit-impaired loans, on the acquisition date, was determined, primarily based on the fair value of loan collateral. The carrying value of purchased loans acquired with deteriorated credit quality was $329,000 at September 30, 2016. On the acquisition date, the preliminary estimate of the unpaid principal balance for all loans evidencing credit impairment acquired in the Luzerne Bank acquisition was $1,211,000 and the estimated fair value of the loans was $878,000. Total contractually required payments on these loans, including interest, at the acquisition date was $1,783,000. However, the Company’s preliminary estimate of expected cash flows was $941,000. At such date, the Company established a credit risk related non-accretable discount (a discount representing amounts which are not expected to be collected from either the customer or liquidation of collateral) of $842,000 relating to these impaired loans, reflected in the recorded net fair value. Such amount is reflected as a non-accretable fair value adjustment to loans. The Company further estimated the timing and amount of expected cash flows in excess of the estimated fair value and established an accretable discount of $63,000 on the acquisition date relating to these impaired loans. The following table presents additional information regarding loans acquired in the Luzerne Bank transaction with specific evidence of deterioration in credit quality:
There were no material increases or decreases in the expected cash flows of these loans between June 1, 2013 (the “acquisition date”) and September 30, 2016. There has been no allowance for loan losses recorded for acquired loans with specific evidence of deterioration in credit quality as of September 30, 2016. The following table presents interest income the Banks would have recorded if interest had been recorded based on the original loan agreement terms and rate of interest for non-accrual loans and interest income recognized on a cash basis for non-accrual loans for the three and nine months ended September 30, 2016 and 2015:
Impaired Loans Impaired loans are loans for which it is probable the Banks will not be able to collect all amounts due according to the contractual terms of the loan agreement. The Banks evaluate such loans for impairment individually and does not aggregate loans by major risk classifications. The definition of “impaired loans” is not the same as the definition of “non-accrual loans,” although the two categories overlap. The Banks may choose to place a loan on non-accrual status due to payment delinquency or uncertain collectability, while not classifying the loan as impaired. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for these types of loans is determined by the difference between the present value of the expected cash flows related to the loan, using the original interest rate, and its recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loan. When foreclosure is probable, impairment is measured based on the fair value of the collateral. Management evaluates individual loans in all of the commercial segments for possible impairment if the loan is greater than $100,000 and if the loan is either on non-accrual status or has a risk rating of substandard. Management may also elect to measure an individual loan for impairment if less than $100,000 on a case-by-case basis. Mortgage loans on one-to-four family properties and all consumer loans are large groups of smaller-balance homogeneous loans and are measured for impairment collectively. Loans that experience insignificant payment delays, which are defined as 90 days or less, generally are not classified as impaired. Management determines the significance of payment delays on a case-by-case basis taking into consideration all circumstances surrounding the loan and the borrower including the length of the delay, the borrower’s prior payment record, and the amount of shortfall in relation to the principal and interest owed. Interest income for impaired loans is recorded consistent with the Banks' policy on non-accrual loans. The following table presents the recorded investment, unpaid principal balance, and related allowance of impaired loans by segment as of September 30, 2016 and December 31, 2015:
The following table presents the average recorded investment in impaired loans and related interest income recognized for the three and nine months ended for September 30, 2016 and 2015:
Currently, there is $24,000 committed to be advanced in connection with impaired loans. Troubled Debt Restructurings The loan portfolio also includes certain loans that have been modified in a Troubled Debt Restructuring (“TDR”), where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance, or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. There were two loan modifications that were considered TDRs completed during the three months ended September 30, 2016. Loan modifications that are considered TDRs completed during the three and nine months ended September 30, 2016 and 2015 and were as follows:
There were five loan modifications considered to be TDRs made during the twelve months previous to September 30, 2016 that defaulted during the nine months ended September 30, 2016. The defaulted loan types and recorded investments at March 31, 2016 are as follows: one commercial loan with a recorded investment of $103,000, one commercial real estate loan with a recorded investment of $239,000, and three residential real estate loan with a recorded investment of $173,000. There was one loan modifications considered TDRs made during the twelve months previous to September 30, 2015 that defaulted during the nine months ended September 30, 2015. The loan that defaulted is a commercial real estate loans with a recorded investment of $48,000 at September 30, 2015. Troubled debt restructurings amounted to $9,219,000 and $9,647,000 as of September 30, 2016 and December 31, 2015. The amount of foreclosed residential real estate held at September 30, 2016 and December 31, 2015, totaled $0 and $102,000, respectively. Consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process at September 30, 2016 and December 31, 2015, totaled $872,000 and $448,000, respectively. Internal Risk Ratings Management uses a ten point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized, and are aggregated as “Pass” rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The special mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a substandard classification. Loans in the substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans greater than 90 days past due are evaluated for substandard classification. Loans in the doubtful category exhibit the same weaknesses found in the substandard loans, however, the weaknesses are more pronounced. Such loans are static and collection in full is improbable. However, these loans are not yet rated as loss because certain events may occur which would salvage the debt. Loans classified loss are considered uncollectible and charge-off is imminent. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Banks have a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the pass category unless a specific action, such as bankruptcy, repossession, or death occurs to raise awareness of a possible credit event. An external annual loan review of large commercial relationships is performed, as well as a sample of smaller transactions. Confirmation of the appropriate risk category is included in the review. Detailed reviews, including plans for resolution, are performed on loans classified as substandard, doubtful, or loss on a quarterly basis. The following table presents the credit quality categories identified above as of September 30, 2016 and December 31, 2015:
Allowance for Loan Losses An allowance for loan losses (“ALL”) is maintained to absorb losses from the loan portfolio. The ALL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated future loss experience, and the amount of non-performing loans. The Banks' methodology for determining the ALL is based on the requirements of ASC Section 310-10-35 for loans individually evaluated for impairment (previously discussed) and ASC Subtopic 450-20 for loans collectively evaluated for impairment, as well as the Interagency Policy Statements on the Allowance for Loan and Lease Losses and other bank regulatory guidance. The total of the two components represents the Banks' ALL. Loans that are collectively evaluated for impairment are analyzed with general allowances being made as appropriate. Allowances are segmented based on collateral characteristics previously disclosed, and consistent with credit quality monitoring. Loans that are collectively evaluated for impairment are grouped into two classes for evaluation. A general allowance is determined for “Pass” rated credits, while a separate pool allowance is provided for “Criticized” rated credits that are not individually evaluated for impairment. For the general allowances, historical loss trends are used in the estimation of losses in the current portfolio. These historical loss amounts are modified by other qualitative factors. A historical charge-off factor is calculated utilizing a twelve quarter moving average. However, management may adjust the moving average time frame by up to four quarters to adjust for variances in the economic cycle. Management has identified a number of additional qualitative factors which it uses to supplement the historical charge-off factor because these factors are likely to cause estimated credit losses associated with the existing loan pools to differ from historical loss experience. The additional factors that are evaluated quarterly and updated using information obtained from internal, regulatory, and governmental sources are: national and local economic trends and conditions; levels of and trends in delinquency rates and non-accrual loans; trends in volumes and terms of loans; effects of changes in lending policies; experience, ability, and depth of lending staff; value of underlying collateral; and concentrations of credit from a loan type, industry and/or geographic standpoint. Loans in the criticized pools, which possess certain qualities or characteristics that may lead to collection and loss issues, are closely monitored by management and subject to additional qualitative factors. Management also monitors industry loss factors by loan segment for applicable adjustments to actual loss experience. Management reviews the loan portfolio on a quarterly basis in order to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. Activity in the allowance is presented for the three and nine months ended September 30, 2016 and 2015:
The Company grants commercial, industrial, residential, and installment loans to customers primarily throughout north-east and central Pennsylvania. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on the economic conditions within this region. The Company has a concentration of the following to gross loans at September 30, 2016 and 2015:
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method as of September 30, 2016 and December 31, 2015:
|
Net Periodic Benefit Cost-Defined Benefit Plans |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost-Defined Benefit Plans | Net Periodic Benefit Cost-Defined Benefit Plans For a detailed disclosure on the Company’s pension and employee benefits plans, please refer to Note 13 of the Company’s Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2015. The following sets forth the components of the net periodic benefit/cost of the domestic non-contributory defined benefit plan for the three and nine months ended September 30, 2016 and 2015, respectively:
Employer Contributions The Company previously disclosed in its consolidated financial statements, included in the Annual Report on Form 10-K for the year ended December 31, 2015, that it expected to contribute a minimum of $500,000 to its defined benefit plan in 2016. As of September 30, 2016, there were contributions of $500,000 made to the plan with additional contributions of at least $250,000 anticipated during the remainder of 2016. |
Employee Stock Purchase Plan |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Purchase Plan | Employee Stock Purchase Plan The Company maintains an Employee Stock Purchase Plan (“Plan”). The Plan is intended to encourage employee participation in the ownership and economic progress of the Company. The Plan allows for up to 1,000,000 shares to be purchased by employees. The purchase price of the shares is 95% of market value with an employee eligible to purchase up to the lesser of 15% of base compensation or $12,000 in market value annually. During the nine months ended September 30, 2016 and 2015, there were 1,617 and 1,723 shares issued under the plan, respectively. |
Off Balance Sheet Risk |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Off Balance Sheet Risk | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Off Balance Sheet Risk | Off Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are primarily comprised of commitments to extend credit, standby letters of credit, and credit exposure from the sale of assets with recourse. These instruments involve, to varying degrees, elements of credit, interest rate, or liquidity risk in excess of the amount recognized in the Consolidated Balance Sheet. The contract amounts of these instruments express the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss from nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The Company may require collateral or other security to support financial instruments with off-balance sheet credit risk. Financial instruments whose contract amounts represent credit risk are as follows at September 30, 2016 and December 31, 2015:
Commitments to extend credit are legally binding agreements to lend to customers. Commitments generally have fixed expiration dates or other termination clauses and may require payment of fees. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future liquidity requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company, on an extension of credit is based on management’s credit assessment of the counterparty. Standby letters of credit represent conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These instruments are issued primarily to support bid or performance related contracts. The coverage period for these instruments is typically a one year period with an annual renewal option subject to prior approval by management. Fees earned from the issuance of these letters are recognized upon expiration of the coverage period. For secured letters of credit, the collateral is typically Bank deposit instruments or customer business assets. |
Fair Value Measurements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value.
This hierarchy requires the use of observable market data when available. The following table presents the assets reported on the balance sheet at their fair value on a recurring basis as of September 30, 2016 and December 31, 2015, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
The following table presents the assets reported on the Consolidated Balance Sheet at their fair value on a non-recurring basis as of September 30, 2016 and December 31, 2015, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
The following tables present a listing of significant unobservable inputs used in the fair value measurement process for items valued utilizing level III techniques as of September 30, 2016 and December 31, 2015:
(1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.
(1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The discounted cash flow valuation technique is utilized to determine the fair value of performing impaired loans, while non-performing impaired loans utilize the appraisal of collateral method. The significant unobservable inputs used in the fair value measurement of the Company’s impaired loans using the discounted cash flow valuation technique include temporary changes in payment amounts and the probability of default. Significant increases (decreases) in payment amounts would result in significantly higher (lower) fair value measurements. The significant unobservable input used in the fair value measurement of the Company’s impaired loans using the appraisal of collateral valuation technique include appraisal adjustments, which are adjustments to appraisals by management for qualitative factors such as economic conditions and estimated liquidation expenses. The significant unobservable input used in the fair value measurement of the Company’s other real estate owned are the same inputs used to value impaired loans using the appraisal of collateral valuation technique. |
Fair Value of Financial Instruments |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company is required to disclose fair values for its financial instruments. Fair values are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Also, it is the Company’s general practice and intention to hold most of its financial instruments to maturity and not to engage in trading or sales activities. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These fair values are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions can significantly affect the fair values. Fair values have been determined by the Company using historical data and an estimation methodology suitable for each category of financial instruments. The Company’s fair values, methods, and assumptions are set forth below for the Company’s other financial instruments. As certain assets and liabilities, such as deferred tax assets, premises and equipment, and many other operational elements of the Company, are not considered financial instruments but have value, this fair value of financial instruments would not represent the full market value of the Company. The fair values of the Company’s financial instruments are as follows at September 30, 2016 and December 31, 2015:
Cash and Cash Equivalents, Loans Held for Sale, Accrued Interest Receivable, Short-term Borrowings, and Accrued Interest Payable: The fair value is equal to the carrying value. Investment Securities: The fair value of investment securities available for sale and trading is equal to the available quoted market price. If no quoted market price is available, fair value is estimated using the quoted market price for similar securities. Regulatory stocks’ fair value is equal to the carrying value. Loans: Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial, financial, and agricultural, commercial real estate, residential real estate, construction real estate, and installment loans to individuals. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and nonperforming categories. The fair value of performing loans is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the loan. The estimate of maturity is based on the Company’s historical experience with repayments for each loan classification, modified, as required, by an estimate of the effect of current economic and lending conditions. Fair value for significant nonperforming loans is based on recent external appraisals. If appraisals are not available, estimated cash flows are discounted using a rate commensurate with the risk associated with the estimated cash flows. Assumptions regarding credit risk, cash flows, and discounted rates are judgmentally determined using available market information and specific borrower information. Bank-Owned Life Insurance: The fair value is equal to the cash surrender value of the life insurance policies. Deposits: The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, savings, NOW, and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The fair value estimates above do not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market, commonly referred to as the core deposit intangible. Long Term Borrowings: The fair value of long term borrowings is based on the discounted value of contractual cash flows. Commitments to Extend Credit, Standby Letters of Credit, and Financial Guarantees Written: There is no material difference between the notional amount and the estimated fair value of off-balance sheet items. The contractual amounts of unfunded commitments and letters of credit are presented in Note 9 (Off Balance Sheet Risk). |
Stock Options |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options | Stock Options In 2014, the Company adopted the 2014 Equity Incentive Plan designed to help the Company attract, retain, and motivate employees and non-employee directors. Incentive stock options, non-qualified stock options, and restricted stock may be granted as part of the plan. On August 27, 2015, the Company issued 38,750 stock options to a group of employees. Each option granted has a strike price of $42.03 and is exercisable only after five years following the date of the grant of such options. The options expire ten years following the date of the grant of such options. A summary of stock option activity is presented below:
The estimated fair value of options, including the effect of estimated forfeitures, is recognized as expense on a straightline basis over the options’ vesting periods while ensuring that the cumulative amount of compensation cost recognized at least equals the value of the vested portion of the award at that date. The Company determines the fair value of options granted using the Black-Scholes option-pricing model. The risk-free interest rate is based on the United States Treasury bond with a similar term to the expected life of the options at the grant date. Expected volatility was estimated based on the adjusted historic volatility of the Company’s shares. The expected life was estimated to equal the contractual life of the options. The dividend yield rate was based upon recent historical dividends paid on shares. |
Reclassification of Comparative Amounts |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Reclassification of Comparative Amounts | |
Reclassification of Comparative Amounts | Reclassification of Comparative Amounts Certain comparative amounts for the prior period have been reclassified to conform to current period presentations. Such reclassifications had no effect on net income or shareholders’ equity. |
Recent Accounting Pronouncements (Policies) |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard). The core principle of the update is that a company will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, this update specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the impact the adoption of the standard will have on the Company's financial position or results of operation. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This update applies to all entities that hold financial assets or owe financial liabilities and is intended to provide more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. Among other things, this update (a) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (b) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (c) eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; (d) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (e) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (f) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (g) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (h) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For all other entities including not-for-profit entities and employee benefit plans within the scope of Topics 960 through 965 on plan accounting, the amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. All entities that are not public business entities may adopt the amendments in this update earlier as of the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The standard requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. A short-term lease is defined as one in which: (a) the lease term is 12 months or less, and (b) there is not an option to purchase the underlying asset that the lessee is reasonably certain to exercise. For short-term leases, lessees may elect to recognize lease payments over the lease term on a straight-line basis. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. The amendments should be applied at the beginning of the earliest period presented using a modified retrospective approach with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In March 2016, the FASB issued ASU 2016-04, Liabilities - Extinguishments of Liabilities (Subtopic 405-20). The standard provides that liabilities related to the sale of prepaid stored-value products within the scope of this Update are financial liabilities. The amendments in the Update provide a narrow scope exception to the guidance in Subtopic 405-20 to require that breakage for those liabilities be accounted for consistent with the breakage guidance in Topic 606. The amendments in this update are effective for public business entities, certain not-for-profit entities, and certain employee benefit plans for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Earlier application is permitted, including adoption in an interim period. This update is not expected to have a significant impact on the Company’s financial statements. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815). The amendments in this update apply to all reporting entities for which there is a change in the counterparty to a derivative instrument that has been designated as a heading instrument under Topic 815. The standards in this update clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. For public business entities, the amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. For all other entities, the amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. An entity has an option to apply the amendments in this update on either a prospective basis or a modified retrospective basis. Early adoption is permitted, including adoption in an interim period. This update is not expected to have a significant impact on the Company’s financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which changes the impairment model for most financial assets. This ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the ASU is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be effected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. With certain exceptions, transition to the new requirements will be through a cumulative effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which addresses eight specific cash flow issues with the objective of reducing diversity in practice. Among these include recognizing cash payments for debt prepayment or debt extinguishment as cash outflows for financing activities; cash proceeds received from the settlement of insurance claims should be classified on the basis of the related insurance coverage; and cash proceeds received from the settlement of bank-owned life insurance policies should be classified as cash inflows from investing activities while the cash payments for premiums on bank-owned policies may be classified as cash outflows for investing activities, operating activities, or a combination of investing and operating activities. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s statement of cash flows. |
Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in accumulated other comprehensive income by component | The changes in accumulated other comprehensive loss by component as of September 30, 2016 and 2015 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reclassifications out of accumulated other comprehensive income | The reclassifications out of accumulated other comprehensive loss as of September 30, 2016 and 2015 were as follows:
|
Per Share Data (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of weighted average common shares (denominator) used in the basic and dilutive earnings per share computation | The following table sets forth the composition of the weighted average common shares (denominator) used in the basic and dilutive earnings per share computation.
|
Investment Securities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities | The amortized cost and fair values of investment securities available for sale at September 30, 2016 and December 31, 2015 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amortized cost and fair values of investment securities | The amortized cost and fair values of trading investment securities at September 30, 2016 and December 31, 2015 are as follows.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of gross unrealized losses and fair value | The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time, that the individual securities have been in a continuous unrealized loss position, at September 30, 2016 and December 31, 2015.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amortized cost and fair value of debt securities by contractual maturity | The amortized cost and fair value of debt securities at September 30, 2016, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of gross realized gains and losses | The following table represents gross realized gains and losses within the available for sale portfolio:
The following table represents gross realized gains and losses within the trading portfolios:
|
Loans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of related aging categories of loans by segment | The following table presents the related aging categories of loans, by segment, as of September 30, 2016 and December 31, 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of additional information regarding loans acquired and accounted | The following table presents additional information regarding loans acquired in the Luzerne Bank transaction with specific evidence of deterioration in credit quality:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of interest income if interest had been recorded based on the original loan agreement terms and rate of interest for non-accrual loans and interest income recognized on a cash basis for non-accrual loans | The following table presents interest income the Banks would have recorded if interest had been recorded based on the original loan agreement terms and rate of interest for non-accrual loans and interest income recognized on a cash basis for non-accrual loans for the three and nine months ended September 30, 2016 and 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of recorded investment, unpaid principal balance, and related allowance of impaired loans by segment | The following table presents the recorded investment, unpaid principal balance, and related allowance of impaired loans by segment as of September 30, 2016 and December 31, 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of average recorded investment in impaired loans and related interest income recognized | The following table presents the average recorded investment in impaired loans and related interest income recognized for the three and nine months ended for September 30, 2016 and 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loan modifications that are considered TDRs | Loan modifications that are considered TDRs completed during the three and nine months ended September 30, 2016 and 2015 and were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of credit quality categories | The following table presents the credit quality categories identified above as of September 30, 2016 and December 31, 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of activity in the allowance | Activity in the allowance is presented for the three and nine months ended September 30, 2016 and 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of concentration of loan | The Company has a concentration of the following to gross loans at September 30, 2016 and 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method as of September 30, 2016 and December 31, 2015:
|
Net Periodic Benefit Cost-Defined Benefit Plans (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of the net periodic benefit cost of the domestic non-contributory defined benefit plan | The following sets forth the components of the net periodic benefit/cost of the domestic non-contributory defined benefit plan for the three and nine months ended September 30, 2016 and 2015, respectively:
|
Off Balance Sheet Risk (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Off Balance Sheet Risk | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial instruments whose contract amounts represent credit risk | Financial instruments whose contract amounts represent credit risk are as follows at September 30, 2016 and December 31, 2015:
|
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets reported on the balance sheet at their fair value on a recurring basis | The following table presents the assets reported on the balance sheet at their fair value on a recurring basis as of September 30, 2016 and December 31, 2015, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets reported on the consolidated balance sheet at their fair value on a non-recurring basis | The following table presents the assets reported on the Consolidated Balance Sheet at their fair value on a non-recurring basis as of September 30, 2016 and December 31, 2015, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of listing of significant unobservable inputs used in the fair value measurement process for items valued utilizing level III techniques | The following tables present a listing of significant unobservable inputs used in the fair value measurement process for items valued utilizing level III techniques as of September 30, 2016 and December 31, 2015:
(1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.
(1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. |
Fair Value of Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair values of financial instruments | The fair values of the Company’s financial instruments are as follows at September 30, 2016 and December 31, 2015:
|
Stock Options Stock Options (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity is presented below:
|
Per Share Data (Details) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Earnings Per Share [Abstract] | ||||
Convertible securities which would affect denominator in calculating basic and dilutive earnings per share (in shares) | 0 | |||
Shares outstanding (in shares) | 31,000 | 31,000 | ||
Strike price (in dollars per share) | $ 42.03 | $ 42.03 | ||
Weighted average common shares issued (in shares) | 5,006,252 | 5,003,979 | 5,005,707 | 5,003,396 |
Average treasury stock shares (in shares) | (272,452) | (242,403) | (269,863) | (222,620) |
Weighted average common shares and common stock equivalents used to calculate basic and diluted earnings per share (in shares) | 4,733,800 | 4,761,576 | 4,735,844 | 4,780,776 |
Investment Securities - Trading Securities (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized cost | $ 0 | $ 78 |
Trading securities accumulated gross unrealized gain before tax | 0 | 0 |
Trading securities accumulated gross unrealized loss before tax | 0 | (5) |
Trading securities fair value | 0 | 73 |
Financial institution equity securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized cost | 0 | 78 |
Trading securities accumulated gross unrealized gain before tax | 0 | 0 |
Trading securities accumulated gross unrealized loss before tax | 0 | (5) |
Trading securities fair value | $ 0 | $ 73 |
Investment Securities - Amortized Cost and Fair Value of Debt Securities (Details) $ in Thousands |
Sep. 30, 2016
USD ($)
|
---|---|
Amortized Cost | |
Amortized Cost - Due in one year or less | $ 1,354 |
Amortized Cost - Due after one year to five years | 36,382 |
Amortized Cost - Due after five years to ten years | 67,710 |
Amortized Cost - Due after ten years | 21,766 |
Amortized Cost - Total | 127,212 |
Fair Value | |
Fair Value - Due in one year or less | 1,354 |
Fair Value - Due after one year to five years | 36,887 |
Fair Value - Due after five years to ten years | 67,992 |
Fair Value - Due after ten years | 22,419 |
Fair Value - Total | $ 128,652 |
Investment Securities - Narrative (Details) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
security
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
security
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Investments, Debt and Equity Securities [Abstract] | |||||
Net realized and unrealized gain (loss) on trading securities | $ 8,000 | $ (33,000) | $ 54,000 | $ (37,000) | |
Available for sale securities in unrealized loss, positions number of positions, less than twelve months | security | 13 | 13 | |||
Available for sale securities in unrealized loss, positions number of positions, greater than twelve months | security | 11 | 11 | |||
Proceeds from sales of available for sale securities | $ 42,180,000 | 43,051,000 | |||
Impairment charges | $ 0 | $ 0 | 0 | $ 0 | |
Investment securities, carrying value | $ 102,872,000 | $ 102,872,000 | $ 131,089,000 |
Loans - Loans Acquired in Luzerne Bank Transaction (Details) - Luzerne National Bank Corporation - Purchased loans - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | $ 429 | $ 441 |
Carrying amount | $ 329 | $ 341 |
Loans - Schedule of Concentration Risk (Details) - Owners of rental properties - Financing receivable |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Residential | ||
Concentration Risk [Line Items] | ||
Concentration of loans (as a percent) | 16.64% | 16.44% |
Commercial | ||
Concentration Risk [Line Items] | ||
Concentration of loans (as a percent) | 14.11% | 14.17% |
Net Periodic Benefit Cost-Defined Benefit Plans (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Net periodic benefit cost of the domestic non-contributory defined benefit plan | |||||
Service cost | $ 17,000 | $ 16,000 | $ 51,000 | $ 48,000 | |
Interest cost | 193,000 | 189,000 | 579,000 | 567,000 | |
Expected return on plan assets | (251,000) | (246,000) | (753,000) | (737,000) | |
Amortization of net loss | 39,000 | 39,000 | 117,000 | 119,000 | |
Net periodic benefit cost | (2,000) | $ (2,000) | (6,000) | $ (3,000) | |
Expected contribution to Pension Plan in 2015 (minimum) | $ 500,000 | ||||
Employer contributions made to the defined benefit plan | 500,000 | ||||
Anticipated additional contributions anticipated during the remainder of 2015 (at least) | $ 250,000 | $ 250,000 |
Employee Stock Purchase Plan (Details) - Employee Stock - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Employee Stock Purchase Plan | ||
Number of shares allowed to be purchased by employees (in shares) | 1,000,000 | |
Purchase price of the shares with respect to market value (as a percent) | 95.00% | |
Maximum percentage of base compensation | 15.00% | |
Maximum market value | $ 12,000 | |
Number of shares issued under the plan (in shares) | 1,617 | 1,723 |
Off Balance Sheet Risk (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Off Balance Sheet Risk | ||
Contract amounts representing credit risk | $ 270,128 | $ 253,245 |
Commitments to extend credit | ||
Off Balance Sheet Risk | ||
Contract amounts representing credit risk | 254,123 | 241,936 |
Standby letters of credit | ||
Off Balance Sheet Risk | ||
Contract amounts representing credit risk | $ 6,607 | 4,786 |
Coverage period for instrument (in years) | 1 year | |
Credit exposure from the sale of assets with recourse | ||
Off Balance Sheet Risk | ||
Contract amounts representing credit risk | $ 9,398 | $ 6,523 |
Fair Value Measurements - Non-Recurring Assets (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value Measurements | ||
Fair value | $ 15,720 | $ 15,475 |
Level I | ||
Fair Value Measurements | ||
Fair value | 0 | 0 |
Level II | ||
Fair Value Measurements | ||
Fair value | 0 | 0 |
Level III | ||
Fair Value Measurements | ||
Fair value | 15,720 | 15,475 |
Impaired loans | ||
Fair Value Measurements | ||
Fair value | 14,430 | 13,779 |
Impaired loans | Level I | ||
Fair Value Measurements | ||
Fair value | 0 | 0 |
Impaired loans | Level II | ||
Fair Value Measurements | ||
Fair value | 0 | 0 |
Impaired loans | Level III | ||
Fair Value Measurements | ||
Fair value | 14,430 | 13,779 |
Other real estate owned | ||
Fair Value Measurements | ||
Fair value | 1,290 | 1,696 |
Other real estate owned | Level I | ||
Fair Value Measurements | ||
Fair value | 0 | 0 |
Other real estate owned | Level II | ||
Fair Value Measurements | ||
Fair value | 0 | 0 |
Other real estate owned | Level III | ||
Fair Value Measurements | ||
Fair value | $ 1,290 | $ 1,696 |
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Investment securities: | ||
Available for sale | $ 141,057 | $ 176,157 |
Investment securities, trading | 0 | 73 |
Bank-owned life insurance | 27,176 | 26,667 |
Accrued interest receivable | 3,800 | 3,686 |
Financial liabilities: | ||
Interest-bearing deposits | 792,698 | 751,797 |
Noninterest-bearing deposits | 295,599 | 280,083 |
Level I | ||
Financial assets: | ||
Cash and cash equivalents | 60,181 | 22,796 |
Investment securities: | ||
Available for sale | 12,405 | 16,332 |
Investment securities, trading | 0 | 73 |
Loans held for sale | 2,160 | 757 |
Loans, net | 0 | 0 |
Bank-owned life insurance | 27,176 | 26,667 |
Accrued interest receivable | 3,800 | 3,686 |
Financial liabilities: | ||
Interest-bearing deposits | 564,519 | 509,206 |
Noninterest-bearing deposits | 295,599 | 280,083 |
Short-term borrowings | 11,579 | 46,638 |
Long-term borrowings | 0 | 0 |
Accrued interest payable | 481 | 426 |
Level II | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities: | ||
Available for sale | 128,652 | 159,825 |
Investment securities, trading | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Interest-bearing deposits | 0 | 0 |
Noninterest-bearing deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level III | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities: | ||
Available for sale | 0 | 0 |
Investment securities, trading | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 1,085,769 | 1,045,140 |
Bank-owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Interest-bearing deposits | 222,644 | 220,479 |
Noninterest-bearing deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 92,658 | 91,783 |
Accrued interest payable | 0 | 0 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 60,181 | 22,796 |
Investment securities: | ||
Available for sale | 141,057 | 176,157 |
Investment securities, trading | 0 | 73 |
Loans held for sale | 2,160 | 757 |
Loans, net | 1,056,762 | 1,033,163 |
Bank-owned life insurance | 27,176 | 26,667 |
Accrued interest receivable | 3,800 | 3,686 |
Financial liabilities: | ||
Interest-bearing deposits | 792,698 | 751,797 |
Noninterest-bearing deposits | 295,599 | 280,083 |
Short-term borrowings | 11,579 | 46,638 |
Long-term borrowings | 91,025 | 91,025 |
Accrued interest payable | 481 | 426 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 60,181 | 22,796 |
Investment securities: | ||
Available for sale | 141,057 | 176,157 |
Investment securities, trading | 0 | 73 |
Loans held for sale | 2,160 | 757 |
Loans, net | 1,085,769 | 1,045,140 |
Bank-owned life insurance | 27,176 | 26,667 |
Accrued interest receivable | 3,800 | 3,686 |
Financial liabilities: | ||
Interest-bearing deposits | 787,163 | 729,685 |
Noninterest-bearing deposits | 295,599 | 280,083 |
Short-term borrowings | 11,579 | 46,638 |
Long-term borrowings | 92,283 | 91,783 |
Accrued interest payable | $ 481 | $ 426 |
Stock Options - Additional Information (Details) - $ / shares |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Aug. 27, 2015 |
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Employee Stock Purchase Plan | |||
Granted (in shares) | 0 | 38,750 | |
Granted (in dollars per share) | $ 0.00 | $ 42.03 | |
Employee Stock Option | |||
Employee Stock Purchase Plan | |||
Granted (in shares) | 38,750 | ||
Granted (in dollars per share) | $ 42.03 | ||
Exercisable period (in years) | 5 years | ||
Expiration period (in years) | 10 years |
Stock Options - Schedule of Options Outstanding (Details) - $ / shares |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Options, Outstanding | |||
Outstanding, beginning of year (in shares) | 34,750 | 0 | |
Granted (in shares) | 0 | 38,750 | |
Exercised (in shares) | 0 | 0 | |
Forfeited (in shares) | (3,750) | (4,000) | |
Outstanding, end of year (in shares) | 31,000 | 34,750 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding, weighted average exercise price (in dollars per share) | $ 42.03 | $ 42.03 | $ 0.00 |
Granted (in dollars per share) | 0.00 | 42.03 | |
Exercised (in dollars per share) | 0.00 | 0.00 | |
Forfeited (in dollars per share) | $ 42.03 | $ 42.03 |
Reclassification of Comparative Amounts (Details) |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Reclassification of Comparative Amounts | |
Effect of reclassification adjustment on net income or shareholders' equity | $ 0 |
4^HC *L5]BLBN /T\ ?<2
M<+#,#%UF[O23$LI1:CM.C8H1GA@!Q$2H&.&4F=,8IW;CU*@8Z8F10$R,BI%N
M&2$C_)D9IT;%))Z8!(CAZ&.>N V0;,(M*Z^* E70FUDIIXK$]YMRMR6Z19S=(SL'V#C@GYS# H$H3-F;:';:(PC.6&;4'\(
M4S"%(W0*KZ@[ALTSPT>Z9;GK>)0$W=X;D"Y6BJ-5MP#C@ON^:/ :]\*(L
M+([$]2*>W6H3X#:*!&42O+F4INFGZJ%<_>(%.T2A,\QNPO )LR!84/^T!3]O
ML>,G=/X]?7WA<)WHZ]GA^GN!_$(@3P+YER.>8_*+)NQD3S78-ET=1RH!3&'R&!Y_"3+M3?F%'&\MT4HFB*/P4AA^_C=\I3+6[0'Q^
M2U?$.F]MROJD]%.8?I:GGXJ@IKSG]W0%T5EP"3S6E'T:5Y;\QGEWU;B;E241
M
[WS,*C%O]Y
M[3IO-L.HAH8-PKWI\06F$59!L-+"QB^J!NNT/%(PDNPSK5S%=4Q_UK\GVFT"
MG0AT)OS*HO'4*-I\8HZ5A=$CLCT+9Y=O/-P$$:^,O#<;TSA]JAY*NLX+<@A"
M%YA=PM"(.2&(5[_9@EZVV-$S.OV9OKARN(CT1:+GJY\%EE<"RRBPG$:D-T>\
MQ"RNFI"S/95@VGAU+*KTH%S:O+DZW\X'&L_D!"^+GK7PEYF6*XOVVOF3C8?:
M:.W F\CN5AAU_OW,B8#&A7#M8Y.N5$J<[H\/9'ZEY3=02P,$% @ "V]I
M27-)'@2\ 0 >P0 !D !X;"]W;W)K